Oslo, 30 April 2012 -- DNO International ASA, the Norwegian oil and gas company, today released its 2011 Annual Report and Accounts detailing the Company's operating performance and audited financial results. DNO International delivered revenues of NOK 2,070 million in 2011, up from NOK 1,252 million a year earlier, and net profit of NOK 653 million in 2011 versus a net loss of NOK 283 million in 2010.
The results are unchanged from what was reported in preliminary form to the market on 15 February 2012 apart from a reclassification of NOK 107 million between cash and cash equivalents and trade receivables. Cash and cash equivalents have been reduced from NOK 1,751.8 million to NOK 1,644.8 million, while trade receivables have increased from NOK 190.6 million to NOK 297.6 million. As a result of the reclassification, net cash from operating activities has been reduced from NOK 986.2 million to NOK 879.2 million.
The Annual Report for 2011 is attached to this notice and has been posted on the Company's website www.dno.no.
DNO International also announced today that its first quarter 2012 results will be released on 21 May 2012 followed by a management presentation to analysts to be held in London, England and that the Annual General Meeting will be held on 11 June 2012 in Oslo, Norway.
DNO International ASA is an Oslo-listed, Middle East and North Africa focussed oil and gas company holding stakes in 17 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 and the Tunisian Republic. http://www.dno.no
Oslo, 30 April 2012
DNO International ASA
Queries: Tom Bratlie ([email protected] or tel: +47 905 21 904)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)