DNO Releases 2014 Annual Report and Accounts and Annual Statement of Reserves
(Thomson Reuters ONE) -
Oslo, 20 March 2015 -- DNO ASA, the Norwegian oil and gas operator, today
released its 2014 Annual Report and Accounts together with its Annual Statement
of Reserves.
The company reported record levels of production in 2014, driven by strong
performance in the Kurdistan region of Iraq. Gross production across the
portfolio averaged 117,482 barrels of oil equivalent per day (boepd) and company
working interest (CWI) production averaged 68,958 boepd.
Gross production from DNO's flagship Tawke field in Kurdistan jumped 131 percent
to 91,255 barrels of oil per day (bopd) in 2014, up from 39,433 bopd the prior
year. In addition to the rise in output, the company also made significant
progress towards its plans to double Tawke capacity to 200,000 bopd by the first
part of 2015.
DNO delivered operating revenue of USD 452 million in 2014 but a net loss of USD
226 million due to impairments. Excluding impairments, operating profit stood at
USD 53 million. These audited financial results are unchanged from the
previously reported preliminary figures.
Proved and probable (2P) reserves at the end of 2014 totaled 483.6 million
barrels of oil equivalent (MMboe) on a CWI basis. The comparable figure at the
end of 2013 was 541.9 MMboe. The decrease reflected the shift away from
appraisal drilling to expansion of production capacity at Tawke and a record 33
million barrels produced from the field during the year. Lower oil prices and
operational results led to downward revisions at other fields.
Estimates of oil-in-place at the Benenan field in the Erbil license climbed to
more than two billion barrels, although in the absence of a comprehensive field
development plan, 2P reserves remain unchanged at 27 million barrels on a CWI
basis.
The 2014 Annual Report and Accounts and the 2014 Annual Statement of Reserves
are attached and are also available on the company's website www.dno.no.
--
For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
--
DNO 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.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Annual Statement of Reserves 2014:
http://hugin.info/36/R/1904984/677795.pdf
Annual Report 2014:
http://hugin.info/36/R/1904984/677794.pdf
Country-by-Country Report 2014:
http://hugin.info/36/R/1904984/677796.pdf
Corporate Social Responsibility Highlights 2014:
http://hugin.info/36/R/1904984/677797.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 ASA via GlobeNewswire
[HUG#1904984]
Unternehmensinformation / Kurzprofil:
Datum: 20.03.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 379990
Anzahl Zeichen: 3734
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO Releases 2014 Annual Report and Accounts and Annual Statement of Reserves"
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