GlobeNewswire

DNO Increases Stake in Kurdistan’s Baeshiqa License; Prepares to Step Up Operations

Share

Oslo, 11 February 2021 – DNO ASA, the Norwegian oil and gas operator, today announced the acquisition of ExxonMobil’s 32 percent interest in the Baeshiqa license in the Kurdistan region of Iraq, doubling DNO’s operated stake to 64 percent (80 percent paying interest), pending government approval. The Company plans to continue an exploration and appraisal program on the license while fast tracking early production from existing wells in 2021.

DNO has already demonstrated proof of concept of producing through temporary test facilities, having delivered 15,000 barrels of 40o API oil and 22o API oil for export from the Baeshiqa-2 and Zartik-1 wells, respectively.

In November 2019 DNO issued a notice of discovery on the Baeshiqa license after flowing hydrocarbons from several Jurassic and Triassic zones to surface in the 3,204 meters (2,549 meters TVDSS) Baeshiqa-2 exploration well. Following acid stimulation, the zone flowed variable rates of light oil and sour gas. Two zones flowed naturally at rates averaging over 3,000 barrels of oil per day (bopd) of light gravity oil each and another averaged over 1,000 bopd also of light gravity oil. Subsequent analyses on surface samples collected during testing confirm that the Triassic reservoirs contain saturated oil with a gas cap.

An exploration well was completed in 2020 on a second structure (Zartik) some 15 kilometers southeast of the Baeshiqa-2 discovery well. The 3,021 meters (2,322 meters TVDSS) well tested hydrocarbons to surface from several Jurassic zones, with the uppermost zone flowing naturally at rates averaging over 2,000 bopd of medium gravity oil.

The Company currently estimates gross license contingent recoverable resources from three of the tested zones in the two wells ranging from 12 million barrels of oil (mmbbls) (1C) to 156 mmbbls (3C), with a 2C volume of 43 mmbbls.

"By increasing our stake in the Baeshiqa license now, we demonstrate our belief in its ultimate potential,” said Bijan Mossavar-Rahmani, DNO's Executive Chairman. “Following the stabilization of oil prices and export payments in Kurdistan, DNO is stepping up spending on new opportunities,” he added.

DNO acquired its first 32 percent interest from ExxonMobil and assumed operatorship of the Baeshiqa license in 2018.

The 324 square kilometer license is situated 60 kilometers west of Erbil and 20 kilometers east of Mosul. The license contains two large structures, Baeshiqa and Zartik, which have multiple independent stacked target reservoir systems, including in the Cretaceous, Jurassic and Triassic. The remaining partners in the license include TEC with a 20 percent paying (16 percent net) interest and the Kurdistan Regional Government with a 20 percent carried interest.

In addition to the Baeshiqa license, DNO also operates the Tawke license containing the Tawke and Peshkabir fields in Kurdistan. Gross operated production from the Tawke license averaged 110,300 bopd in 2020.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. 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, Netherlands, Ireland and Yemen.

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





About GlobeNewswire

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

https://globenewswire.com

GlobeNewswire 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

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

Latest releases from GlobeNewswire

Introducing CorityOne™3.3.2021 19:00:00 CETPress release

Next-generation unified EHS and Quality platform empowers those who transform the way the world works Toronto, March 03, 2021 (GLOBE NEWSWIRE) -- Cority, the leading global enterprise EHS software provider, today announced a groundbreaking next-generation release of its true SaaS platform. CorityOne builds on a heritage of pragmatic innovation and is designed to help EHS and business leaders thrive beyond today to build stronger, more resilient, connected, and sustainable organizations that deliver on the promise of a better tomorrow. Recently recognized as a Leader in the Green Quadrant EHS Software 2021 by independent analyst firm, Verdantix, CorityOne brings together the most comprehensive Environmental, Health, Safety (EHS), and Quality management functionality to a common platform approach, unifying capabilities from acquired assets, including Enviance, and setting a new standard for the digital transformation of EHS and Quality. “It’s time to think differently about the future,” s

Bombardier and Aston Martin Announce Intent to Collaborate and Create the Ultimate Convergence of Performance and Style3.3.2021 18:00:00 CETPress release

Exclusive opportunity for Bombardier business aircraft customers to design their aircraft in collaboration with luxury British automotive manufacturer Initiative complements Bombardier’s established design leadership MONTREAL, March 03, 2021 (GLOBE NEWSWIRE) -- Aston Martin and Bombardier – two iconic brands – have signed a letter of intent to collaborate on custom design services for Bombardier business jets. The collaboration would give customers the opportunity for a truly unique design experience, with the meeting of the top creative minds from the luxury automotive and private jet industries. “Bombardier’s discerning customers have come to expect our products’ signature smooth ride and the company’s no-compromise approach to design, performance and reliability at every level of our portfolio,” said Peter Likoray, Senior Vice President, Sales and Marketing, New Aircraft, Bombardier. “We would be proud to add a new facet to this experience that channels Aston Martin’s distinct aesth

Eurocastle to Release Fourth Quarter 2020 Financial Results on 5 March 20213.3.2021 17:56:51 CETPress release

Contact: Oak Fund Services (Guernsey) Limited Company Administrator Attn: Mark Woodall Tel: +44 1481 723450 Eurocastle to Release Fourth Quarter 2020 Financial Results on 5 March 2021 ­­­ Guernsey, 3 March, 2021 – Eurocastle Investment Limited (“Eurocastle” or the “Company”) today announces that it will release its financial results for the twelve months ended 31 December 2020 on Friday, 5 March 2021 before the market opens. ABOUT EUROCASTLE Eurocastle Investment Limited (the “Company” or “Eurocastle”) is a publicly traded closed-ended investment company with investments focused on Italian performing and non-performing loans, Italian loan servicing platforms and other real estate related assets in Italy. On 18 November 2019, the Company announced a plan to realise the majority of its assets with the aim of accelerating the return of value to shareholders. The Company does not currently intend to seek new investments from the proceeds of the realisation but will continue to support its

SEK TENDER OPERATION ANNOUNCEMENT FOR ONWARD LENDING3.3.2021 16:20:00 CETPress release

Bid date, 2021-03-05Bid Submission Date2021-03-05Bid times10.30-11.00 (CET/CEST) on the Bid dateOffered Amount50 billion SEKMaximum Permitted Bid Volume12.5 billion SEK from an individual bidderSettlement Date2021-03-09Minimum Permitted Bid Volume10 million SEK per bidFinal Repayment Date2025-03-10Maximum Allocation25 per cent of Offered AmountAllocation TimeNot later than 11.30 (CET/CEST) on the Bid dateRepayment Date2022-03-09Option Repayment Date 12023-03-09Option Repayment Date 22024-03-11Interest rateThe Riksbank´s applicable repo rateAdditional interest rate0.10 per centConfirmation of bids to e-maileol@riksbank.se Stockholm, 2021-03-03 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.

AERION, NETJETS AND FLIGHTSAFETY INTERNATIONAL TO EXPLORE FUTURE GLOBAL MOBILITY SOLUTIONS3.3.2021 16:03:23 CETPress release

Aerion® signs expansive Memorandum of Understanding (MOU) with NetJets and FlightSafety International® (FSI) to shape the future of global mobility NetJets and Aerion to explore exclusive partnership for the global mobility platform, Aerion ConnectTM FSI to support Aerion in establishing a new global Supersonic Training Academy NetJets has obtained purchase rights for 20 AS2® supersonic business jets, extending Aerion’s global order backlog to USD $10 billion+ ahead of 2023 production start Reno, NV & Columbus, OH, March 03, 2021 (GLOBE NEWSWIRE) -- Supersonic aircraft company Aerion, the leader in supersonic technology has forged an expansive collaboration with NetJets, the largest private aviation company in the world, and FlightSafety International, the leader in professional aviation training, — both Berkshire Hathaway companies — to shape the future of global mobility. “At Aerion our vision is to build a future where humanity can travel between any two points on our planet within

AT&T and other leading communications companies join the 25GS-PON Multi-Source Agreement (MSA) Group3.3.2021 15:00:00 CETPress release

The 25G symmetric PON multi-source agreement (25GS-PON MSA) Group is growing rapidly, with the addition of seven new members since it was first announcedAT&T’s commitment to the MSA Group highlights the importance of 25GS-PON to the telecommunications industryTechnology vendors including CommScope, Cortina Access, Feneck, HiLight Semiconductor, Hisense Broadband and Semtech among those fast-tracking 25GS-PON commercialization Industry group brings together major operators along with leading system and component vendors to define and promote next-generation 25GS-PON technology in support of emerging 5G and industrial requirements at cost-effective price targets March 3, 2021 The 25GS-PON MSA Group today announced the addition of seven new member companies including AT&T, CommScope, Cortina Access, Feneck, HiLight Semiconductor, Hisense Broadband and Semtech. These companies, along with the ten founding 25GS-PON MSA members, are enabling a move beyond the limitations of 10 Gb/s next-gene