DNO International ASA : DNO International Reports Second Quarter 2013 Results
Oslo, 21 August 2013 -- DNO International ASA, the Norwegian oil and gas
company, today announced second quarter 2013 net profit of NOK 280 million on
operating revenue of NOK 764 million. Production climbed by nearly a third to
38,720 barrels of oil equivalent per day (boepd) on a company working interest
basis from 29,061 boepd in the first quarter of 2013 and 23,234 boepd a year
"We continue to de-risk and deliver across our portfolio," said Bijan
Mossavar-Rahmani, DNO International's Executive Chairman, "and most
impressively in our operations in the Kurdistan region of Iraq."
The Company set several key operational milestones during the second quarter
at its flagship Tawke oil field, including highest production in a single day
(112,949 barrels), highest sales in a single day (102,393 barrels), highest
production from one well in a single day (25,052 barrels), largest number of
tankers loaded in a single day (532 tankers or one every 2 minutes and 43
Cumulative production from the Tawke field also passed the 50 million barrel
mark earlier this year.
Mr. Mossavar-Rahmani noted that DNO International continues its active program
of exploration, appraisal and development drilling while adding new acreage in
both established and frontier basins, confident that the Company is well
positioned financially and organizationally to capitalize on current and
future growth opportunities. During the first half of 2013, six onshore and
offshore drilling rigs were active in eight blocks in three countries and four
additional blocks in four countries were added to the portfolio. Operational
cash flow of NOK 843 million exceeded capital spending of NOK 830 million
during the first half of the year. The Company has maintained a robust capital
structure with a free cash balance of NOK 1,648 million and net cash position
of NOK 257 million as at June 30, 2013.
DNO International will present its financial and operating results today in
Oslo at 08:00 am CET (07:00 am GMT). A live webcast of the presentation as
well as the full second quarter 2013 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 20 blocks 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, the Tunisian Republic and Somaliland.
Oslo, 21 August 2013
DNO International ASA
Queries: Bjorn Dale (firstname.lastname@example.org or tel: +47 909 79 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q2 2013 Interim Presentation
Q2 2013 Interim Report
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Source: DNO International ASA via Thomson Reuters ONE
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