DNO Latest International Financial News – Tawke Oilfield, Kurdistan, Share Price and more – brought to you by Iraq Business News
Shares in DNO were up as much as 7% during the day on Tuesday, before closing the day up 4.25% up on Monday's close, following the announcement of increased reserves at its Tawke oilfield: The Ministry of Natural Resources of the Kurdistan Regional Government (KRG) is conducting its first ever survey of regional oil and […]
Norwegian investor Berge Gerdt Larsen was booted out as chairman of DNO International on Thursday, in a boardroom coup led by majority shareholder RAK Petroleum. RAK chief executive, Bijan Mossavar-Rahmani (pictured), was voted in as new chairman at the Norwegian independent’s annual general meeting in Oslo, after the Middle East shareholder disclosed its plan to […]
Norwegian oil producer DNO issued a report today (Monday) on the status on its activities in Kurdistan Region of Iraq. Summail-1 exploration well update The Summail-1 exploration well was spudded on 19 April 2011. The well has now been drilled ca. 25 meters into the Cretaceous interval and hydrocarbon shows were detected while drilling. An […]
The Kurdistan Regional Government (KRG) has received a written notice from the federal Ministry of Finance in Baghdad, confirming release of the first oil export payment to the KRG contractors, Prime Minister Barham Salih (pictured) announced today. The Prime Minister said, “This confirmation of payment to the KRG for the Region’s contractors amounts to around […]
DNO released its final audited 2010 Annual Report on Friday. DNO's financial results are unchanged from what was presented to the market as the preliminary financial results on 17 February 2011. In 2010 the Company delivered revenues of NOK 1,252 million and an operating profit of NOK 157 million. The EBITDA in 2010 was NOK […]
Reuters reports that Norwegian oil company DNO said it had resolved a long dispute over former U.S. diplomat Peter Galbraith's middle-man role in a 2004 Iraqi oil deal by paying damages and legal costs as high as $92 million. That compares to the $55 to $75 million in damages DNO estimated last October it would […]
DNO has today presented its Annual Statement of Reserves ("ASR") as of 31.12.2010. The total remaining P50 reserves for DNO as of 31.12.2010 are estimated at 194.2 million barrels of oil equivalents, on a working interest (WI) basis, which represent the commercial reserves, class 1-3, under Norwegian Petroleum Directorate classification. This is an increase of 30% […]
DNO, the Norwegian oil company with operations in Iraqi Kurdistan, has announcee that the bond offering it announced on 9th March has been completed on 30th March, 2011. The bond issue was split between a USD tranche of approx. USD 140 million and a NOK tranche of approx. NOK 560 million, for a combined amount […]
DNO International, the Norway-based oil exploration and production company with operations in Iraqi Kurdistan, has reported that it is considering a senior unsecured bond issue of USD 200-300 million, maturing in 2016. The purpose of the loan is refinancing and general corporate purposes. Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA have […]
DNO has reported oil flow at its Bastora-1 site in Iraqi Kurdistan. Drilling of exploration well Bastora-1 in the Erbil license commenced on 7 September. The well has been drilled to total depth of 3,600 meters. As previously reported hydrocarbons were observed while drilling through several of the prospective intervals. Two tests were undertaken in […]
DNO can confirm that export production tests at the Tawke oil field in the Kurdistan Region of Iraq commenced on 2 February. At present, the tested volumes are around 10,000 bopd. The technical tests are being conducted in close coordination with the Kurdistan Regional Government and the Northern Oil Company to ensure a responsible and […]
Iraqi Kurdistan has not yet started exporting crude oil, despite a reported agreement that exports would resume from 1st February, Iraqi oil ministry sources said on Tuesday. Two top oil ministry officials, speaking on condition of anonymity, told Platts that there had been no additional oil supplied from two producing fields in the Kurdish region […]
