DNO Results “Well Above Market Expectations”

Ahead of the full year 2011 operational and financial results to be released on 15 February 2012, DNO International ASA has announced a strong end to the year just ended, well above market expectations.

Operating revenue for Q4 2011 was around NOK 900 million and DNO expects to report full year 2011 operating revenue of around NOK 2 billion, up 65 per cent from the previous year and a record for the company.

EBITDA for Q4 2011 was around NOK 660 million and is expected to be around NOK 1.4 billion for the full year 2011, up from NOK 474 million in 2010.

Net profit for Q4 2011 was around NOK 200 million. For the full year 2011 net profit is expected to be around NOK 650 million compared with a loss of NOK 283 million in 2010.

DNO’s cash position at yearend 2011 was NOK 1.75 billion.

Q4 2011 revenue recognition

As previously reported, DNO received a second cash advance in relation to oil exports from the Tawke field in the Kurdistan region of Iraq of NOK 353 million in September 2011. The payment was not recorded as revenue in Q3 2011.

Following additional assessment and review of new information, this payment will be recorded as revenue in Q4 2011. At the same time, all production costs for the Tawke field through 2011 have been expensed in the fourth quarter, amounting to NOK 346 million (including previously capitalized costs of NOK 295 million as of Q3 2011).

Results presentation and webcast

Q4 and full year 2011 operational and financial results will be published at 07:30 CET on 15 February 2012. A presentation to analysts and shareholders will be held in London at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Please contact Buchanan at [email protected] for registration.

The presentation will start at 10:00 CET (09:00 GMT). A live webcast of the presentation will be available on www.dno.no.

 

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