DNO International today announced second quarter 2013 net profit of NOK 280 million on operating revenue of NOK 764 million.
Production climbed by nearly a third to 38,720 barrels of oil equivalent per day (boepd) on a company working interest basis from 29,061 boepd in the first quarter of 2013 and 23,234 boepd a year earlier.
“We continue to de-risk and deliver across our portfolio,” said Bijan Mossavar-Rahmani (pictured), DNO International’s Executive Chairman, “and most impressively in our operations in the Kurdistan region of Iraq.”
The Company set several key operational milestones during the second quarter at its flagship Tawke oil field, including highest production in a single day (112,949 barrels), highest sales in a single day (102,393 barrels), highest production from one well in a single day (25,052 barrels), largest number of tankers loaded in a single day (532 tankers or one every 2 minutes and 43 seconds).
Cumulative production from the Tawke field also passed the 50 million barrel mark earlier this year.
Mr. Mossavar-Rahmani noted that DNO International continues its active program of exploration, appraisal and development drilling while adding new acreage in both established and frontier basins, confident that the Company is well positioned financially and organizationally to capitalize on current and future growth opportunities.
During the first half of 2013, six onshore and offshore drilling rigs were active in eight blocks in three countries and four additional blocks in four countries were added to the portfolio. Operational cash flow of NOK 843 million exceeded capital spending of NOK 830 million during the first half of the year. The Company has maintained a robust capital structure with a free cash balance of NOK 1,648 million and net cash position of NOK 257 million as at June 30, 2013.