DNO International Provides Further Update on the Company's Reserves
(Thomson Reuters ONE) -
Oslo, 10 May 2012 -- DNO International ASA, the Norwegian oil and gas company,
today released updated estimates setting its remaining proved plus probable
(2P/P50) company working interest reserves at 502 million barrels of oil
(including condensate and other liquids) and 165 billion cubic feet of gas at
31 March 2012, up from a total of 372 million barrels of oil at 31 December
2011. The new figures are contained in a Competent Person Report prepared by
independent petroleum consultants DeGolyer and MacNaughton ahead of a possible
listing of DNO International's shares in London.
The revised figure for oil, an increase of 35 percent over the 31 December 2011
estimate, incorporates data from wells recently completed or underway at the
Tawke field located in the Kurdistan region of Iraq. DNO International's
remaining proved plus probable company working interest share of Tawke reserves
is 455 million barrels at 31 March 2012 compared to 346 million barrels at 31
December 2011. Also included in the new DeGolyer and MacNaughton figures are
remaining proved plus probable company working interest reserves of 21 million
barrels of oil (including condensate and other liquids) and 165 billion cubic
feet of gas acquired from RAK Petroleum PCL in a merger that closed earlier this
year.
DeGolyer and MacNaughton's 31 March 2012 estimate of Tawke's gross ultimate
proved plus probable reserves is 771 million barrels versus 615 million barrels
at 31 December 2011.
"These latest numbers firmly place DNO International in the ranks of the largest
independent exploration and production companies globally in terms of reserves,"
said Bijan Mossavar-Rahmani, Executive Chairman. "We have established a growth
portfolio across the Middle East and North Africa with Tawke as its
centerpiece."
Company working interest, as reported by DeGolyer and MacNaughton, is calculated
based on DNO International's contractual share of operating expenses and capital
costs, including any carried interests and reduced by any royalty burden, for a
particular asset.
---
DNO International ASA is an Oslo-listed, Middle East and North Africa focused
oil and gas company holding stakes in 17 licenses 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 and the Tunisian Republic. http://www.dno.no
---
Oslo, 10 May 2012
DNO International ASA
Corporate Communications
Queries: Tom Bratlie (Tom.Bratlie(at)dno.no or tel: +47 905 21 904)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1610761]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 144882
Anzahl Zeichen: 3563
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 169 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DNO International Provides Further Update on the Company's Reserves"
steht unter der journalistisch-redaktionellen Verantwortung von
DNO International ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
