Shares in DNO International, the Norwegian oil and gas company with operations in Iraqi Kurdistan, were up 8% in early trading on Monday following the release of record results for the first quarter of 2012.
Operating revenues were NOK 712 million up from NOK 281 million in the first quarter of 2011. Net profit climbed to NOK 307 million compared to a loss of NOK 115 million a year earlier. First quarter 2012 EBITDA was NOK 565 million, up 285 percent on the previous year.
Production stood at 42,116 barrels of oil equivalent (boe) per day on a company working interest basis in the first quarter of 2012, up from 39,945 boe per day in the same quarter in 2011. The first quarter production figure includes 6,213 boe per day of oil and gas on a company working interest basis from the newly acquired assets in Block 8 in Oman, representing 15 percent of total group production.
'Of course we are pleased with these results which represent the fourth back-to-back quarter of profitability,' said Bijan Mossavar-Rahmani, Executive Chairman. 'DNO International is a much strengthened company in other respects, too, as we continue to build up our oil and gas reserves and our production capacity by developing existing assets and acquiring new ones,' he added.
The Company's 2P/P50 company working interest reserves continue to grow steadily, reaching 531 million boe at the end of the first quarter 2012, up from 372 million barrels of oil equivalent at the end of 2011 and 194 million at the end of 2010.