Oslo, 20 February 2014 -- DNO International ASA, the Norwegian oil and gas company, today released its 2013 financial and operating results, highlights of which included record levels of operating revenue of NOK 2.97 billion and operating cash flow of NOK 1.73 billion. Operating profit stood at NOK 580 million following one-off charges for goodwill and other impairments. Absent these charges, operating profit would have totaled a record NOK 1.48 billion.
The Company reported higher exploration and development expenditures of NOK 1.75 billion (NOK 1.26 billion in 2012) funded by operating cash flow. Free cash balance at yearend 2013 rose to NOK 1.62 billion from NOK 1.51 billion at yearend 2012.
Oil and gas production during the year rose to 39,170 barrels of oil equivalent per day (boepd) on a Company Working Interest (CWI) basis, up from 38,354 boepd in 2012. Wellhead production capacity at DNO's flagship Tawke field in the Kurdistan region of Iraq continued to climb to 155,000 barrels a day by yearend and is slated to reach 270,000 barrels a day at yearend 2014 with completion of new horizontal wells. The Company is planning to utilize early production packages to double surface facilities capacity to 200,000 barrels a day at yearend 2014 and to install a new 24 inch pipeline to supplement the existing 12 inch pipeline, significantly increasing transportation capacity.
"2013 was a banner year for the Company marked by several milestones including great success from horizontal drilling at the Tawke field in Kurdistan," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We have an aggressive work program planned for 2014 to drive up production and delivery capacity in existing fields while testing exploration prospects across the portfolio," he added.
DNO International presents its financial and operating results today in Oslo at 10:00 CET. A live webcast of the presentation as well as the full Fourth Quarter and Full Year 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 20 blocks 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, 20 February 2014
DNO International ASA
Queries: Bjørn Dale (firstname.lastname@example.org or +47 909 79 889)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.