Oslo, 29 April 2013 -- DNO International ASA ("DNO International"), the Norwegian oil and gas company, today released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012. The comparable figures for yearend 2011, yearend 2010 and yearend 2009 were 371.9 MMboe, 194.2 MMboe and 149.4 MMboe, respectively.
"I am hard pressed to name other international exploration and production companies of our size with such a record of year-on-year reserves growth over this period," said Bijan Mossavar-Rahmani, Executive Chairman of DNO International.
The 40 percent increase in 2012 was driven principally by upward revisions at the Tawke field in the Kurdistan Region of Iraq and reserve additions from the merger of RAK Petroleum PCL's operating subsidiaries into DNO International.
The 2012 reserves evaluation and report was prepared by independent petroleum consultants DeGolyer and MacNaughton. DNO International's yearend 2012 proved and probable (CWI) reserves of 520.3 MMboe comprised of 495.4 million barrels (MMbbls) of oil (including condensate and other liquids) and 140.1 billion cubic feet (Bcf) of natural gas.
These volumes represent the Company's commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification.
Proved and probable oil reserves for the Tawke field, adjusting for 2012 production of 16.6 MMbbls, were 722.2 MMbbls, of which 447.7 MMbbls were net to DNO International on a CWI basis. Also in Kurdistan, proved and probable reserves for the Benenan and Bastora oil discoveries on the Erbil license were 42.1 MMbbls as at 31 December 2012, of which 19.6 MMbbls were net to DNO International on a CWI basis.
In Yemen, proved and probable oil reserves, adjusting for 2012 production of 3.8 MMbbls, were 18.0 MMbbls, of which 8.4 MMbbls were net to DNO International on a CWI basis.
Proved and probable reserves associated with the assets acquired from RAK Petroleum PCL, adjusting for 2012 production of 4.2 MMboe, were at 36.1 MMbbls of oil (including condensate and other liquids) and 254.3 Bcf of natural gas, of which 19.7 MMbbls and 140.1 Bcf were net to DNO International on a CWI basis.
In addition to its class 1-3 2P CWI reserves, the Company held 42.7 MMboe in 2C contingent resources, class 4-5, and 39.9 MMboe in 2C contingent resources class 6-7.
The 2012 Annual Statement of Reserves, published in accordance with Oslo Stock Exchange Circular no. 9/2009, is attached. All volumes in the Annual Statement of Reserves attributable to DNO International are calculated for each asset based on the Company's contractual share of operating expenses and capital costs, including any carried interests and reduced by any royalty burden.
--- 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, 29 April 2013
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)