Oslo, 21 August 2014 - DNO ASA, the Norwegian oil and gas operator, today announced second quarter 2014 net profit of USD 44 million on operating revenue of USD 143 million. Production climbed to a record 138,569 barrels of oil equivalent per day (boepd), up 76 percent from the first quarter. Company working interest (CWI) production jumped 78 percent from the previous quarter to 81,669 boepd.
Notwithstanding significant quarterly investments of USD 97 million, DNO maintained its strong financial position with free cash balances of USD 195 million at the end of the quarter. In addition to cash, the Company held USD 104 million in financial assets, including a 4.7 percent stake in RAK Petroleum PCL, with the balance in DNO treasury shares.
"We've had feet on the ground in Kurdistan for ten years, including during the recent crisis as well as in past ones, and remain fully and firmly committed to our operations," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. The Company last quarter celebrated its 10th anniversary as the first Western oil company to explore in Kurdistan by setting three new single day records at the Tawke field: daily production record of 133,192 barrels, daily deliveries to Fish Khabur for onward transfer to Ceyhan of 126,048 barrels and daily local sales of 114,760 barrels.
"Our next challenge is to properly monetize all oil produced at Tawke by tapping international markets," said Mr. Mossavar-Rahmani.
In addition to previously reported plans to expand production at the Tawke and Benenan fields in Kurdistan, DNO will launch later this year an active exploration campaign in a new onshore block in Oman and commence exploration and appraisal drilling offshore Tunisia.
DNO will present its financial and operating results today in Oslo at 10:00 CET (09:00 GMT). A live webcast of the presentation as well as the full second quarter 2014 interim report will be available on the Company website (www.dno.no).
--- DNO 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 ---
Oslo, 21 August 2014
Queries: Bjorn Dale ([email protected] or ph: +47 911 57 197)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.