DNO International ASA in Q3 2010: Higher production and solid cash flow from operations
(Thomson Reuters ONE) -
As a result of higher production DNO International ASA delivered increased
revenues and improved results from operations in the third quarter.
"I am pleased to note that the good trend in our financial results and cash flow
from operations continued into the third quarter. DNO will now enter a period of
increased exploration activities and we are also about to secure new exploration
acreage both in Mozambique and Yemen. This forms a solid platform for further
growth of our Company", says Managing Director Helge Eide.
The cash position increased by NOK 114 million in the third quarter, bringing
DNO's cash position to NOK 936 million by end the period. The year to date cash
position has increased by NOK 633 million.
The financial results in the quarter are affected by special items. To comply
with the IFRS accounting standards, a provision of NOK 322 million related to
claims and legal costs in connection with the ongoing arbitration process has
been recorded in the third quarter accounts. DNO continues to dispute the terms
and conditions in the arbitration process.
DNO's working interest production increased to 24,956 bopd in the third quarter,
up from 15,748 bopd in the second quarter.
See attached documents for full information.
Oslo, 11 November 2010
DNO International ASA
Corporate Communications
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1461284]
DNO Q3 2010 Interim Report:
http://hugin.info/36/R/1461284/400476.pdf
DNO Q3 2010 Press Release:
http://hugin.info/36/R/1461284/400477.pdf
DNO Q3 2010 Webcast Presentation:
http://hugin.info/36/R/1461284/400478.pdf
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
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 48653
Anzahl Zeichen: 2495
contact information:
Town:
Oslo
Kategorie:
Business News
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