DNO International ASA achieved an EBITDA of NOK 171 million from total sales of NOK 285 million in the second quarter of 2010. Both sales and EBITDA were up by 10 per cent from Q1 to Q2. The improved results are mainly related to increased production.
"We are satisfied with the financial results from our operations in the second quarter. The higher oil production and improved cash flow from operations enable us to plan for new project developments and increase exploration drilling going forward", says Managing Director Helge Eide.
Cash flow from operations was NOK 183 million in the second quarter, bringing the cash position up to NOK 822 million by 30 June. DNO booked a non-cash impairment loss of NOK 199 million in the second quarter, mainly related to lower share price in Det norske oljeselskap ASA. This is the main reason for the net loss of NOK 121 million.
See attached press release, Q2 2010 Interim Report and presentation.
Oslo, 18 August 2010
DNO International ASA
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)