DNO International ASA is currently preparing its Annual Statement of Reserves (ASR) as per 31.12.2010. The reserve estimates corresponds to commercial reserves, class 1-3. The preliminary figures, as presented in this notice, show a substantial increase in reserves.
At the Tawke field in the Kurdistan Region of Iraq, oil in place (STOOIP) is estimated at 1,439 million barrels. The recovery factor is increased from 16.6% to 21.3% primarily based on updated geological and reservoir technical evaluations which have resulted in improved reservoir properties.
The gross ultimate P50 reserves for Tawke are now estimated at 306 million barrels, up from 230 million per 31.12.2009. Remaining P50 reserves to DNO on working interest basis are accordingly estimated at 183.4 million barrels, up from 139.5 million the previous year. The figures are based on revised estimates undertaken by recognized independent reservoir experts.
In Yemen the block 47 partners have committed to a field development and the volumes in the Yaleen field have therefore been moved from contingent resources to reserves. In addition, higher forecasted oil price contributes to extended field life, and accordingly higher reserves. As per 31.12.2010 the remaining P50 reserves in Yemen are estimated to 10.8 million barrels, up from 9.9 million barrels the previous year.
Based on the above estimates, total remaining P50 reserves to DNO on working interest basis are 194.2 million barrels. This represents a 30% increase from the 149.4 million reported for the previous year.
The full ASR report with the final figures will be published by the end of April in accordance with Oslo Stock Exchange Circular 9/2009.
Oslo, 30 March 2011
DNO International ASA
For more information:
Communication Director Tom Bratlie
Phone: +47 905 21 904
CFO Haakon Sandborg
Phone: +47 23 23 84 80