DNO Reports Improving Third Quarter 2015 Results
(Thomson Reuters ONE) -
Oslo, 5 November 2015 - DNO ASA, the Norwegian oil and gas operator, reported
third quarter operated production of 152,507 barrels of oil equivalent per day
(boepd) with year-to-date volumes up nearly 30 percent from 2015. Output from
the company's flagship Tawke oil field in the Kurdistan region of Iraq averaged
145,184 barrels of oil per day (bopd), of which 120,633 bopd was delivered for
pipeline export through Turkey and the balance sold into the local market.
A Tawke export payment of USD 30 million (USD 22 million net to DNO) was
received during the third quarter, in addition to USD 24 million net to DNO from
local oil and refined product sales for total Kurdistan revenues during the
third quarter of USD 46 million. Revenues remain below DNO's contractual
entitlement from Tawke, although receivables are growing at a slower rate.
"With the worst of the oil price crisis behind us, we have sharpened our focus
on monetizing our share of Tawke production, including exploring new marketing
arrangements," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "Regular
export payments and a timetable for recovery of around USD 1 billion in
Kurdistan receivables are key to resuming Tawke investment necessary to reverse
natural field decline and sustain production," he added.
Mr. Mossavar-Rahmani estimated that the aggregate value of Tawke production is
USD 2 billion annually at current output and price levels.
Cost reduction measures initiated last year have been completed and following
four consecutive quarters of operating losses the company reported break-even
operating results in the third quarter.
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For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
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DNO ASA 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.
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This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q3 2015 Interim Report:
http://hugin.info/36/R/1964216/716929.pdf
Q3 2015 Interim Presentation:
http://hugin.info/36/R/1964216/716928.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
[HUG#1964216]
Unternehmensinformation / Kurzprofil:
Datum: 05.11.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 432166
Anzahl Zeichen: 3240
contact information:
Town:
Oslo
Kategorie:
Business News
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