Based on the production performance as well as positive results from recent drilling (ref. Stock Exchange Notice 8. April 2005), the proven + probable (2P) reserves in the Sharyoof Field in Yemen have been increased by 11 million barrels to 46 million barrels (gross). At the end of 1st Quarter 2005 the remaining reserves of Sharyoof Field is 23.3 million barrels, of which DNO's share is 7.4 million barrels, which is an increase of 3.4 million barrels.
The 2P reserves in Tasour Field in Yemen have been upgraded by 5.5 million barrels to 35 million barrels (gross). At the end of 1st Quarter 2005 remaining reserves in the Tasour Field is 13.3 million barrels of which DNO's share is 5.3 million barrels, which is an increase of 2.2 million barrels.
The acquisition of 4 licenses in Norway from ExxonMobil (ref. Stock Exchange Notice 28. January 2005) included the Hanz and West cable oil discoveries. DNO's share of the combined 2P reserves in these two discoveries is 10 million barrels.
The total increase of DNO's 2P reserves is thereby 15.6 million barrels. After producing ca. 1.3 million barrels during the 1st Quarter 2005, DNO's 2P reserves is 42.8 million barrels at 31. march 2005.
Following the recent Basement / Kohlan oil discoveries DNO is currently undertaking a review of the reserves within the Nabrajah area in Block 43, Yemen. This will lead to a further increase in DNO's 2P reserves, and DNO plan to release new 2P reserve figures within the following month.