Oslo, 7 May 2013 -- DNO International ASA, the Norwegian oil and gas company, today announced first quarter 2013 net profit of NOK 169 million on operating revenue of NOK 581 million. During the quarter, operational cash flow of NOK 547 million exceeded capital spending of NOK 368 million and contributed to an increase in the Company's free cash balance to NOK 1,750 million.
Production stood at 29,061 barrels of oil equivalent per day (boepd) on a company working interest basis compared to 42,116 boepd a year earlier. The 2013 first quarter figure reflected lower deliveries at the Tawke field in the Kurdistan region of Iraq, partially offset by increased production at Block 8 offshore Oman. Oman contributed 46 percent of total group production during the quarter.
'We continue to be self funding as we build up our oil and gas reserves with the drill-bit and increase production capacity in line with plans," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. He added that the Company has five drilling rigs actively engaged across its portfolio.
The Company's proved and probable company working interest reserves continue to grow steadily, reaching 520 million barrels of oil equivalent (MMboe) at the end of 2012, up from 149 MMboe at the end of 2009, representing a compound annual growth rate of 52 percent.
DNO International will present its financial and operating results today in Oslo at 08:00 CET (07:00 GMT). A live webcast of the presentation as well as the full first quarter 2013 interim report will be available on the Company website (www.dno.no).
DNO International ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 18 licenses in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates the Tunisian Republic and Somaliland. http://www.dno.no
Oslo, 7 May 2013
DNO International ASA
Queries: Bjorn Dale (firstname.lastname@example.org or tel: +47 909 79 889)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.