Oslo, 30 April 2012 -- DNO International ASA, the Norwegian oil and gas company, today released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 371.9 million barrels of oil equivalent on a working interest basis as of year-end 2011. The figure represents the Company's commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification and is published in accordance with Oslo Stock Exchange Circular no. 9/2009.
The equivalent figure as of 31 December 2010 was 194.2 million barrels. The 91.5 percent year-on-year increase was driven by an upward revision in estimates of the ultimate recoverable reserves of the Tawke field in the Kurdistan region of Iraq based on an independent assessment of DNO International's oil and gas properties by international consultants DeGolyer and MacNaughton. The new Tawke estimates incorporate updated geological and reservoir data, including enhanced seismic interpretation, extensive pressure monitoring of individual wells and a new evaluation of previously collected log and core data.
The gross ultimate Tawke 2P/P50 reserves are estimated by DeGolyer and MacNaughton at 615 million barrels at year-end 2011.
DNO International is operator of the Tawke field with a 55 percent working interest, with Genel Energy holding a 25 percent working interest and the Kurdistan Regional Government a 20 percent working interest.
The Company's 2011 Annual Statement of Reserves does not include the assets acquired following the merger with RAK Petroleum PCL's Middle East and North Africa operating subsidiaries as that transaction closed in January 2012. DNO International has commissioned DeGolyer and MacNaughton to prepare an updated evaluation of these assets. DeGolyer and MacNaughton will also undertake a further revision of the Tawke reserves incorporating the latest results from the Tawke-16 appraisal well and other drilling and testing currently underway.
In Yemen, there was a small upward revision of DNO International's commercial reserves, class 1-3, of 0.5 million barrels but a net decline of 1.3 million barrels to 9.5 million barrels following production of 1.8 million barrels during the year. The discovery on the Erbil license has added 16.1 million barrels to DNO International's commercial reserves, class 1-3.
In addition to its class 1-3 working interest reserves, the Company holds 20.2 million barrels in contingent resources, class 4-5.
The 2011 Annual Statement of Reserves is attached to this press release.
DNO International ASA is an Oslo-listed, Middle East and North Africa focused 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 (firstname.lastname@example.org or tel: +47 905 21 904)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)