DNO delivered good results from operations in 2010. Combined with successful financial measures, the Company has a solid position for further growth.
"2010 was a positive year for DNO, with good increase in production and improved financial results. Our organization is fully focused on a continuous positive development of the Company. The recent progress in Iraq and our ongoing exploration activities provide a good basis for further improvement in 2011", says Managing Director Helge Eide.
Sales increased from NOK 869 million in 2009 to NOK 1.25 billion in 2010. EBITDA before special items increased from NOK 261.6 million in 2009 to NOK 804.2 million in 2010. Solid cash flow from operations of NOK 525 million combined with sale of treasury shares and new equity increased DNO's cash position by NOK 1.1 billion in 2010. DNO's cash position was NOK 1.38 billion by year end 2010.
See attached documents for more information.
Oslo, 16 February 2011
DNO International ASA
Corporate Communications