DNO Reports Record Output, Shares Fall

By John Lee.

DNO International ASA, the Norwegian oil and gas company, today announced that gross production across its oil and gas portfolio has exceeded 100,000 barrels of oil equivalent (boe) per day for the first time, split two-thirds from the Kurdistan region of Iraq and the balance from Oman and Yemen. On a Company Working Interest (CWI) basis, DNO International’s share is around 60,000 boe.

Shares closed the day down more than 6 percent.

Production during the third quarter stood at 41,545 boe per day on a CWI basis, up from 36,773 boe per day in the third quarter 2011. The latest increases in production reflect resumption of exports from the Tawke field in Kurdistan as from August, the September resumption of production from the West Bukha field offshore Oman following pipeline repair work and the completion and tie-back in November of two new wells which have led to a more than doubling of production from Block 8.

Wells currently drilling across the portfolio are expected to add another 30,000 boe per day to gross production by the end of 2012.

DNO International presents its financial and operating results today in Oslo at 08:00 CET. In releasing its interim financial results, the Company reported EBITDA of NOK 267 million and net profit of NOK 98 million on operating revenues of NOK 541 million in the third quarter of 2012. A live webcast of the presentation as well as the full third quarter 2012 interim report will be available on the Company website (www.dno.no).

(Sources: DNO, Yahoo)

One Response to DNO Reports Record Output, Shares Fall

  1. Re da Caste November 15, 2012 at 10:04 pm #

    How can anyone succeed with business in Iraq with the political situation in the country? Talabani must dismiss Maliki (and Shahristani!) and appoint Allawi to build a new government. Otherwise Iraq will split apart. Read my leaps!