DNO International ASA, the Norwegian oil and gas company, today released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 371.9 million barrels of oil equivalent on a working interest basis as of year-end 2011.
The figure represents the Company's commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification and is published in accordance with Oslo Stock Exchange Circular no. 9/2009.
The equivalent figure as of 31 December 2010 was 194.2 million barrels. The 91.5 percent year-on-year increase was driven by an upward revision in estimates of the ultimate recoverable reserves of the Tawke field in the Kurdistan region of Iraq based on an independent assessment of DNO International's oil and gas properties by international consultants DeGolyer and MacNaughton.
The new Tawke estimates incorporate updated geological and reservoir data, including enhanced seismic interpretation, extensive pressure monitoring of individual wells and a new evaluation of previously collected log and core data.