DNO International Announces Second Quarter Results

22.08.2012  |  Globenewswire Europe

Oslo, 22 August 2012 -- DNO International ASA, the Norwegian oil and gas
company, today released results for the second quarter of 2012 with operating
revenues of NOK 155 million, down from NOK 712 million in the first quarter. The
Company recorded a net loss of NOK 176 million for the second quarter, driven,
as previously disclosed, by a reconciliation of past accounts in Kurdistan and
application of the fiscal terms and conditions of the existing Production
Sharing Contract covering the Tawke license as from 1 June 2012. Under
International Financial Reporting Standards (IFRS) rules, the full impact of the
reconciliation since 2007 has been taken in this quarter.

Production during the second quarter stood at 23,234 barrels of oil equivalent
per day (boe) on a company working interest basis, down from 42,116 boepd in the
first quarter. Lower production was caused by a halt in exports from Kurdistan
and also from the West Bukha field offshore Oman following a pipeline blockage.
Exports from Kurdistan have been resumed in August at the rate of 40,000 barrels
daily and the Oman repairs have been completed, with the pipeline under
commissioning.

DNO International has maintained its strong cash position with NOK 1,638 million
at the end of the second quarter, up from NOK 1,602 million in the first quarter
of the year.

The Company's first half 2012 results remained positive with net profit of NOK
131 million on operating revenues of NOK 867 million.

DNO International will present its financial and operating results today in Oslo
at 08:00 CET. A live webcast of the presentation as well as the full second
quarter 2012 interim report will be available on the Company website
(www.dno.no).

--- DNO International ASA is an Oslo-listed, Middle East and North Africa
focused oil and gas company holding stakes in 17 licenses in various stages of
exploration, development and production both onshore and offshore in the
Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the
United Arab Emirates and the Tunisian Republic. http://www.dno.no ---

Oslo, 22 August 2012

DNO International ASA
Corporate Communications

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Q2 2012 Interim Report:
http://hugin.info/36/R/1635416/525333.pdf

Q2 2012 Presentation:
http://hugin.info/36/R/1635416/525330.pdf



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Source: DNO International ASA via Thomson Reuters ONE
[HUG#1635416]




Unternehmen: DNO International ASA - ISIN: NO0003921009