Oslo, 21 May 2012 -- DNO International ASA, the Norwegian oil and gas company, today released record results for the first quarter of 2012 with operating revenues of NOK 712 million up from NOK 281 million in the first quarter of 2011. Net profit climbed to NOK 307 million compared to a loss of NOK 115 million a year earlier. First quarter 2012 EBITDA was NOK 565 million, up 285 percent on the previous year.
Production stood at 42,116 barrels of oil equivalent (boe) per day on a company working interest basis in the first quarter of 2012, up from 39,945 boe per day in the same quarter in 2011. The first quarter production figure includes 6,213 boe per day of oil and gas on a company working interest basis from the newly acquired assets in Block 8 in Oman, representing 15 percent of total group production.
'Of course we are pleased with these results which represent the fourth back-to-back quarter of profitability,' said Bijan Mossavar-Rahmani, Executive Chairman. 'DNO International is a much strengthened company in other respects, too, as we continue to build up our oil and gas reserves and our production capacity by developing existing assets and acquiring new ones,' he added.
The Company's 2P/P50 company working interest reserves continue to grow steadily, reaching 531 million boe at the end of the first quarter 2012, up from 372 million barrels of oil equivalent at the end of 2011 and 194 million at the end of 2010.
DNO International will present its financial and operating results today in London at 9:00 GMT (10:00 CET). A live webcast of the presentation as well as the full first quarter 2012 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 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, 21 May 2012
DNO International ASA
Queries: Tom Bratlie (Tom.Bratlie@dno.no or tel: +47 905 21 904)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.