DNO Announces Increased Reserves

DNO International has released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012.

The comparable figures for yearend 2011, yearend 2010 and yearend 2009 were 371.9 MMboe, 194.2 MMboe and 149.4 MMboe, respectively.

Bijan Mossavar-Rahmani (pictured), Executive Chairman, said:

I am hard pressed to name other international exploration and production companies of our size with such a record of year-on-year reserves growth over this period.

The 40 percent increase in 2012 was driven principally by upward revisions at the Tawke field in the Kurdistan Region of Iraq and reserve additions from the merger of RAK Petroleum PCL’s operating subsidiaries into DNO International.

The 2012 reserves evaluation and report was prepared by independent petroleum consultants DeGolyer and MacNaughton. DNO International’s yearend 2012 proved and probable (CWI) reserves of 520.3 MMboe comprised of 495.4 million barrels (MMbbls) of oil (including condensate and other liquids) and 140.1 billion cubic feet (Bcf) of natural gas.

These volumes represent the Company’s commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification.

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