DNO update on Production and Sales

DNO ASA, the Norwegian oil and gas operator, will publish its Q4 and full-year 2022 operating and interim financial results on 9 February 2023 at 07:00 (CET).

A videoconference call with executive management will follow at 11:00 (CET).

The Company issues below an update on production and sales volumes for the quarter as well as other key financial information that will be further discussed in the earnings call.

Volumes (boepd)

Gross operated production Q4 2022 Q3 2022 Q4 2021
  Kurdistan 107,822 109,054 107,472
  North Sea - - -
Net entitlement production Q4 2022 Q3 2022 Q4 2021
  Kurdistan 25,618 24,779 29,367
  North Sea 14,976 13,970 13,571
Sales Q4 2022 Q3 2022 Q4 2021
  Kurdistan 25,618 24,779 29,367
  North Sea 15,152 11,569 23,289
Equity accounted production (net) Q4 2022 Q3 2022 Q4 2021
  Côte d'Ivoire 3,470 3,100 -

Selected cash flow items

During the quarter, DNO received USD 167.3 million net from the Kurdistan Regional Government, of which USD 147.0 million represents the entitlement share of June and July 2022 crude oil deliveries for the Tawke and Baeshiqa licenses. The balance of USD 20.3 million represents override payments equivalent to three percent of gross June and July 2022 Tawke license revenues.

Also during the quarter, DNO paid two tax instalments totaling USD 3.5 million in Norway and received USD 17.7 million in decommissioning tax refunds in the UK.

The Company paid a dividend of NOK 0.25 per share totaling USD 25.4 million and repurchased own shares totaling USD 12.3 million as part of DNO's share buyback program announced in December.

(Source: DNO)

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