Q1 2011: Significant increase in production volumes
(Thomson Reuters ONE) -
DNOs production in the first quarter of 2011 was 39,945 bopd, up from 12,442 in
the same quarter last year. Commencement of crude oil export from Kurdistan in
February 2011 was a milestone for DNO.
"DNO is producing high volumes of crude oil in Kurdistan. A first cash advance
to DNO of USD 110 million has now been confirmed by the Kurdistan Regional
Government and forms a basis for increased activities by DNO in Kurdistan going
forward", says Managing Director Helge Eide.
Sales increased to NOK 281.2 million in the first quarter this year (export
revenues from Tawke not included), up from NOK 258.6 million in the same quarter
2010. EBITDA was NOK 146.3 million in this quarter, down from NOK 155.6 million
in the first quarter 2010. The somewhat lower EBITDA is mainly explained by
lower achieved oil price and higher expensed exploration costs.
Revenue from export sales has not been included in the financials for Q1 2011.
However, DNO has now received confirmation from the Kurdistan Regional
Government (KRG) that cash advances will be made by the KRG to companies
exporting oil from the Kurdistan Region in Iraq. An amount of USD 110 million
will be released to DNO by the KRG as payment against some of the amounts due in
respect of the Tawke PSC.
For more information, see attached press release, quarterly report and webcast
presentation.
DNO International ASA will hold a presentation at 08:00 CEST today at the Oslo
Konserthus in Oslo. A webcast of the presentation is available on DNO's web
site, www.dno.no.
Oslo, 11 May 2011
DNO International ASA
Corporate Communications
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2011 Webcast presentation:
http://hugin.info/36/R/1514379/450523.pdf
Q1 2011 Quarterly report:
http://hugin.info/36/R/1514379/450411.pdf
Q1 2011 Press release:
http://hugin.info/36/R/1514379/450535.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#1514379]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2011 - 07:35 Uhr
Sprache: Deutsch
News-ID 54494
Anzahl Zeichen: 2786
contact information:
Town:
Oslo
Kategorie:
Business News
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