DNO Reports First Quarter Net Profit, Expands Drilling in Kurdistan
(Thomson Reuters ONE) -
Oslo, 4 May 2017 - DNO ASA, the Norwegian oil and gas operator, today announced
expanded investments, including doubling of planned 2017 wells at the Tawke
field in the Kurdistan region of Iraq, on the back of strong first quarter
results. The Company reported quarterly net profit of USD 15 million, reversing
a net loss of USD 31 million in the previous quarter. Revenues were up 83
percent to USD 77 million on operated production averaging 115,900 barrels of
oil equivalent per day.
The expanded 2017 Tawke program includes eight new production wells, of which
six are Cretaceous and two shallow Jeribe wells. A third drilling rig has been
mobilized following receipt of regular payments for oil exports through Turkey.
Year to date, the Company has been paid USD 122 million net, including USD 23
million towards DNO's booked receivables for previous deliveries.
Elsewhere on the Tawke license, the Company produced an average of 3,000 barrels
of oil per day from the Jurassic horizon of the recently drilled Peshkabir-2
well during a two-week test period in April. These volumes were trucked to DNO's
facilities at Fish Khabur and exported. Extended testing of the shallower
Cretacous discovery in the Peshkabir-2 well has commenced. The Peshkabir-3
appraisal/production well will spud this summer.
The Company is preparing an accelerated development plan utilizing an early
production facility to bring the Peshkabir field onstream by the end of this
year.
In a separate release, the Company today announced a fast-track reentry into
Norway with the acquisition of privately-held Origo Exploration Holding AS.
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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, Oman, Somaliland,
Tunisia and Yemen.
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This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2017 Interim Report:
http://hugin.info/36/R/2101632/796893.pdf
Q1 2017 Interim Presentation:
http://hugin.info/36/R/2101632/796850.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2017 - 08:10 Uhr
Sprache: Deutsch
News-ID 540215
Anzahl Zeichen: 3075
contact information:
Town:
Oslo
Kategorie:
Business News
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