DNO Updates Operations Ahead of Annual General Meeting
(Thomson Reuters ONE) -
Oslo, 28 May 2015 - DNO ASA, the Norwegian oil and gas operator, today announced
a new daily record of 170,000 barrels of oil produced from the Tawke field in
the Kurdistan region of Iraq, of which 30,000 barrels were sold into the local
market and the balance allocated for export.
Tawke production in the first quarter of 2015 was 104,925 barrels of oil per day
(bopd), of which 8,679 bopd was sold into the local market. In the current
quarter to date, production has averaged 146,309 bopd, including 26,027 bopd
sold into the local market.
The company's realized prices for local sales currently average around USD 40
per barrel, with payments received upfront and revenues split 50/50 with the
Kurdistan Regional Government.
"We are ramping up production, export and local sales following the recently
completed Tawke capacity expansion," said Bijan Mossavar-Rahmani, DNO's
Executive Chairman. "We will dust off investment plans as our revenue stream
continues to grow," he added.
In early May, DNO completed a two-year investment program doubling Tawke
wellhead, processing and pipeline capacity to 200,000 bopd with the addition of
ten horizontal wells, two production trains and a 44-kilometer, 24-inch
pipeline.
DNO will hold its Annual General Meeting in Oslo today at 10:00 AM CET at the
Thon Hotel Vika Atrium.
--
For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
--
DNO is a Norwegian oil and gas operator focused on the Middle East and North
Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds
stakes in onshore and offshore licenses at various stages of exploration,
development and production in the Kurdistan region of Iraq, Yemen, Oman, the
United Arab Emirates, Tunisia and Somaliland.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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#1924371]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2015 - 08:04 Uhr
Sprache: Deutsch
News-ID 396356
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contact information:
Town:
Oslo
Kategorie:
Business News
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