GlobeNewswire by notified

DNO Reports Spike in Third Quarter Production and Revenues


Oslo, 9 November 2023 – DNO ASA, the Norwegian oil and gas operator, today reported third quarter revenue of USD 141 million, up 142 percent from the previous quarter, on higher sales of oil and gas across its portfolio. Net quarterly production totaled 37,200 barrels of oil equivalent per day (boepd), up 158 percent, with Kurdistan contributing 19,500 boepd, North Sea 14,300 boepd and West Africa the balance. Operating profit stood at USD 40 million, reversing a loss of USD 15 million in the second quarter. Net loss of USD 55 million was driven by an accounting adjustment of USD 45 million in the book value of the Kurdistan Regional Government (KRG) arrears.

Following closure of the Iraq-Türkiye Pipeline last March, the Company gradually reopened the Tawke and Peshkabir fields (DNO 75 percent and Genel Energy International Ltd 25 percent) and stepped up deliveries to local trading companies in Kurdistan. Production continues to increase; so far in the fourth quarter output is averaging double the level of the third quarter.

The DNO-Genel contractual entitlement, currently around one-half of volumes produced, is sold at prices that vary narrowly in the mid USD 30s per barrel, and payments are made in advance before any oil is delivered.

DNO has over the last 12 months recovered around USD 15 million, including USD 8 million in October, of the accumulated KRG debt to DNO for previous oil sales in 2022 and 2023 (in excess of USD 300 million).

“As the Middle East becomes more challenging, we continue to build up our North Sea portfolio,” said DNO Executive Chairman Bijan Mossavar-Rahmani. ‘Even as we demonstrate the resilience of DNO’s business model in Kurdistan by reducing costs and stepping up local sales, we create value in the North Sea through exploration”, he added. “It is quite a balancing act across different geographic and geopolitical landscapes and not many of our peers can pull it off.”

Offshore Norway, DNO participated last quarter in the Carmen discovery (30 percent), the country’s largest in a decade, and in the DNO-operated Norma well (30 percent interest), a play-opening discovery located near existing infrastructure 20 kilometers northwest of the Balder hub and 30 kilometers south of the Alvheim hub. To date this year, the Company has participated in discoveries totaling 100 million barrels of oil equivalent net to DNO.

At the earlier discoveries, Ofelia (DNO 10 percent) and Bergknapp (DNO 30 percent), drilling of appraisal wells are currently ongoing, with coring and logging operations underway at both wells.

Last week, the UK government’s North Sea Transition Authority awarded 27 new licences in the 33rd Offshore Licensing Round in areas prioritised because of the potential to be brought into production more quickly than other assets. DNO announced has been awarded a 50 percent operated interest in Blocks 9/9f, 9/10c, 9/14c and 9/15d. Aker BP UK Ltd will hold the remaining 50 percent in the licensed area, adjacent to the Norwegian border and just west of the Aker BP operated Alvheim hub on the Norwegian Continental Shelf.

Meanwhile, according to a recent statement by the Prime Minister of Iraq, Baghdad and Ankara are prepared to recommence flows from Kurdistan as soon as certain unspecified agreements between the international oil companies and Iraq and Erbil are reached. In response, the Association of the Petroleum Industry of Kurdistan (APIKUR), of which DNO is one of six members, has stated that the member companies will not be in a position to produce oil for pipeline exports until it is clear how they will be paid for their contractual entitlements of oil already sold and delivered for export and for future sales of such oil for export. APIKUR members are owed nearly USD 1 billion in overdue and unpaid arrears.

Projected total 2023 operational spend across the Company is reduced by USD 40 million to USD 550 million, of which USD 418 million (76 percent) have been incurred as of end Q3 2023. The reduction is largely due to stronger USD/NOK exchange rate impacting NOK denominated spending in the North Sea and further reductions in ongoing costs in Kurdistan. All operational spend in Kurdistan was covered by revenue from local sales in Q3 2023, plus USD 20 million towards DNO’s own arrears to contractors and services companies for previously incurred expenditures pursuant to an earlier agreed monthly payment plan. As of the end of the quarter, USD 20 million remained to be paid.

The balance sheet remains strong with an equity ratio of 48 percent as the Company exited the quarter with cash deposits of USD 708 million and net cash of USD 142 million.

The Board of Directors has authorized dividend payment of NOK 0.25 per share to be made on or about 24 November 2023, maintaining the Company’s quarterly distribution program.

A videoconference call with executive management will follow today at 10:00 (CET). Please visit to access the call.

Key figures

Q3 2023Q2 2023Full-Year 2022
Gross operated production (boepd)25,98465107,637
Net production (boepd)37,15014,41797,310
Revenues (USD million)141581,377
Operating profit/-loss (USD million)40-15431
Net profit/-loss (USD million)-55-19385
Free cash flow (USD million)-6-144619
Net cash/-debt (USD million)142177388

For further information, please contact:

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Hexagon Purus awarded purchase order by Ford Trucks to deliver a hydrogen fuel storage system for their prototype heavy-duty truck7.12.2023 08:07:00 CET | Press release

(Oslo, 7 December 2023) Hexagon Purus, a world leading supplier of zero-emission infrastructure and mobility solutions, has been awarded a purchase order by Ford Trucks to deliver a complete hydrogen fuel storage system for development of a Fuel Cell Electric-Powered Vehicle (FCEV) F-MAX as part of the Horizon Europe project ZEFES (Zero Emission Freight EcoSystem), a zero-emission logistics deployment project in which Ford Trucks participates with the vision of pioneering future transportation solutions. As a partner in project ZEFES, a pan-European project specifically targeting decarbonization of long-haul heavy-duty trucking in Europe, Ford Trucks will develop and deliver a fuel cell electric heavy-duty prototype F-MAX truck that will operate as part of a larger fleet of zero-emission trucks collecting data from real-world operations. The F-MAX FCEV will be Ford Trucks’ first fuel cell-powered vehicle, developed and manufactured in Turkey, and will begin European Ten-T corridor demo

AB Akola Group: notification on disposal of voting rights7.12.2023 08:04:58 CET | Press release

AB Akola Group (former AB Linas Agro Group), ISIN code LT0000128092 (hereinafter - the Company), received notification from UAB „SB Asset Management“ on the disposal of voting rights due to the increase in the authorized capital of the Company (enclosed). Additional information: Mažvydas Šileika, CFO of AB Akola Group Mob. +370 619 19 403 E-mail Attachment Notification-of-disposal-of-block-of-shares LNA 2023 12 06-s1206

Dividend Declaration7.12.2023 08:00:00 CET | Press release

Volta Finance Limited (VTA/VTAS) Dividend Declaration NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES Guernsey, 7 December 2023 Volta Finance Limited ("the Company") hereby announces that it has declared a quarterly interim dividend of €0.135 per share payable on 25 January 2024 amounting to approximately €4.94 million, approximately equating to an annualised 8.25% of net asset value. The ex-dividend date is 21 December 2023 with a record date of 22 December 2023. The Company has arranged for its shareholders to be able to elect to receive their dividends in either Euros or Pounds Sterling. Shareholders will, by default, receive their dividends in Euros, unless they have instructed the Company’s Registrar, Computershare Investor Services (Guernsey) Limited (“Computershare”), to pay dividends in Pounds Sterling. Such instructions may be given to Computershare either electronically via CREST or by using the Currency Election Form which has

Tag Systems and Fingerprint Cards AB (Fingerprints™) to bring biometric card to market7.12.2023 08:00:00 CET | Press release

Global card manufacturer Tag Systems (part of AUSTRIACARD Holdings AG) has achieved Mastercard certification for its biometric card based on Fingerprint Cards’ sensor and STMicroelectronics STPay-Topaz-Bio solution. Banks and fintechs can now issue Mastercard-branded biometric payment cards to enhance convenience and security for cardholders. Roger Carrico, Vice President, Head of Sales & Business development, Payment & Access at Fingerprints comments: “In Tag Systems we have a partner that likes to lead the way with high-end payment services. Banks and fintechs can take advantage of the opportunity to differentiate, retain and acquire customers and drive revenues.” Jon Neeraas, CEO at Tag Systems adds: “With this certification, we are excited to support our partners in issuing top-of-wallet biometric cards that utilize Fingerprints and ST latest technologies. Together, we are creating convenient, hygienic, and secure transactions for all purchases.” Following a partnership agreement i

MC2 Therapeutics Announces Completion of Enrollment in MC2-25 Ph2 Chronic Kidney Disease-associated Pruritus Trial7.12.2023 08:00:00 CET | Press release

MC2 Therapeutics Announces Completion of Enrollment in MC2-25 Ph2 Chronic Kidney Disease-associated Pruritus Trial MC2-25 CKD is a first-in-class drug candidate and a potential breakthrough in the understanding and treatment of urea associated skin diseases that has puzzled scientists for decadesMC2-25 CKD uses a di-peptide as an iso-cyanate scavenger to inhibit carbamylation of amino acids and proteins in the skinMC2-25 CKD has the potential to become the world’s first approved treatment for pre-dialysis Chronic Kidney Disease-associated Pruritus (CKD-aP), a debilitating condition thought to affect a significant proportion of the ~800 million people globally who suffer from Chronic Kidney Disease (CKD)111 patients enrolled in the multi-center trial across Europe with topline results expected in Q2 2024 Copenhagen, December 7th, 2023 – MC2 Therapeutics, a commercial stage biotech company focused on developing novel treatment paradigms within immune-mediated and inflammatory conditions,