DNO International Reports Third Quarter 2013 Results
(Thomson Reuters ONE) -
Oslo, 14 November 2013 -- DNO International ASA, the Norwegian oil and gas
company, today announced third quarter 2013 net profit of NOK 282 million on
operating revenue of NOK 810 million. Production climbed by around a third to a
record level of 52,780 barrels of oil equivalent per day (boepd) on a company
working interest basis, up from 38,720 boepd in the second quarter of 2013.
"We are pleased to have delivered record production in the quarter," said Bijan
Mossavar-Rahmani, DNO International's Executive Chairman. "Looking ahead, the
excellent results from our horizontal drilling program at the Tawke field in the
Kurdistan region of Iraq during the third quarter will continue to move the
needle for the Company in terms of the field's production performance and
ultimate recovery potential," he added.
Elsewhere in Kurdistan, fast track development of the Summail gas discovery was
initiated during the quarter following the signing of a gas sales and purchase
agreement to supply gas to the city of Dohuk for local power generation.
Appraisal and development of the heavy oil Benanan and Bastora discoveries in
the Erbil block also gathered pace with temporary production facilities
installed at both the Benenan-3 and Bastora-2 well sites and government
approvals to initiate sales from the wells.
In Yemen, the Salsala-1 oil discovery has added incremental barrels close to
infrastructure that will allow for rapid monetization and raise DNO
International's output in that country.
The Company is continuing with high levels of drilling activity with three rigs
operating in Kurdistan and one in Yemen as at the reporting date. Operational
cash flow of NOK 1,215 million has substantially funded capital spending of NOK
1,266 million during the first nine months of the year. The Company has
maintained a robust capital structure with a free cash balance of NOK 1,577
million and net cash position of NOK 187 million as at September 30, 2013.
DNO International will present its financial and operating results today in Oslo
at 10:00 am CET (09:00 am GMT). A live webcast of the presentation as well as
the full third 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, 14 November 2013
DNO International ASA
Corporate Communications
Queries: Bjorn Dale (bjorn.dale(at)dno.no or tel: +47 909 79 889)
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q3 2013 Interim Report:
http://hugin.info/36/R/1743070/586194.pdf
Q3 2013 Interim Presentation:
http://hugin.info/36/R/1743070/586195.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
[HUG#1743070]
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 316436
Anzahl Zeichen: 3938
contact information:
Town:
Oslo
Kategorie:
Business News
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