DNO Reports Strong Half-Year 2017 Performance
(Thomson Reuters ONE) -
Oslo, 24 August 2017 - DNO ASA, the Norwegian oil and gas operator, today
announced half-year 2017 revenues were up 43 percent from the same period last
year following regular export payments in the Kurdistan region of Iraq. Free
cash flow jumped four-fold to USD 157 million on operated production of 114,000
barrels of oil equivalent per day (boepd) during the first half of the year.
DNO's cash balance rose USD 120 million during the first six months to USD 381
million, reducing net debt to USD 19 million. Planned 2017 capital expenditures
have been increased to USD 130 million, up from the guidance set earlier this
year of USD 100 million.
The Company mobilized a third rig as part of an expanded drilling program at its
flagship Tawke field comprising 10 production wells in 2017, of which six are
deep Cretaceous and four shallow Jeribe wells.
Also on the Tawke license, the Peshkabir-2 well has been producing from the
Cretaceous reservoir at a steady rate of 4,700 barrels of oil per day (bopd) of
28° API crude oil since June. The well can produce an additional 2,500 bopd of
24° API crude oil from the Jurassic reservoir.
The Peshkabir-3 well, spud in July, is drilling at 2,400 meters towards target
depth of 4,000 meters to appraise the northern extension of the Cretaceous
reservoir. An early production facility has been acquired for installation at
the field, with both Peshkabir wells planned onstream by year-end and two
additional wells planned in 2018.
Elsewhere, the Company will participate in Norway's two upcoming licensing
rounds in the autumn and expects to add to its 11 North Sea licenses acquired
earlier this year.
Offshore Oman, the West Bukha-5B well was drilled to 4,500 meters and tested oil
but would not flow naturally and has been shut in pending completion of
artificial lift studies. The Company has impaired the drilling costs in its
half-year accounts. Separately, the Bukha-1 well umbilical replacement and
production reinstatement is nearly complete.
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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
--
DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North
Africa region and the North Sea. 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, Norway, Oman, Somaliland, Tunisia, Yemen and the United Kingdom.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Half-Year 2017 Interim Presentation:
http://hugin.info/36/R/2128970/813135.pdf
Half-Year 2017 Interim Report:
http://hugin.info/36/R/2128970/813136.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: 24.08.2017 - 08:41 Uhr
Sprache: Deutsch
News-ID 557669
Anzahl Zeichen: 3569
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO Reports Strong Half-Year 2017 Performance"
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