DNO International Reports First Quarter 2013 Results
07.05.2013 | Globenewswire Europe
Oslo, 7 May 2013 -- DNO International ASA, the Norwegian oil and gas company,today announced first quarter 2013 net profit of NOK 169 million on operating
revenue of NOK 581 million. During the quarter, operational cash flow of NOK
547 million exceeded capital spending of NOK 368 million and contributed to an
increase in the Company's free cash balance to NOK 1,750 million.
Production stood at 29,061 barrels of oil equivalent per day (boepd) on a
company working interest basis compared to 42,116 boepd a year earlier. The
2013 first quarter figure reflected lower deliveries at the Tawke field in the
Kurdistan region of Iraq, partially offset by increased production at Block 8
offshore Oman. Oman contributed 46 percent of total group production during the
quarter.
'We continue to be self funding as we build up our oil and gas reserves with the
drill-bit and increase production capacity in line with plans," said Bijan
Mossavar-Rahmani, DNO International's Executive Chairman. He added that the
Company has five drilling rigs actively engaged across its portfolio.
The Company's proved and probable company working interest reserves continue to
grow steadily, reaching 520 million barrels of oil equivalent (MMboe) at the end
of 2012, up from 149 MMboe at the end of 2009, representing a compound annual
growth rate of 52 percent.
DNO International will present its financial and operating results today in Oslo
at 08:00 CET (07:00 GMT). A live webcast of the presentation as well as the full
first quarter 2013 interim report will be available on the Company website
(www.dno.no).
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DNO International ASA is an Oslo-listed, Middle East and North Africa focused
oil and gas company holding stakes in 18 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 the Tunisian Republic and Somaliland. http://www.dno.no
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Oslo, 7 May 2013
DNO International ASA
Corporate Communications
Queries: Bjorn Dale (bjorn.dale@dno.no or tel: +47 909 79 889)
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2013 Presentation:
http://hugin.info/36/R/1699758/560856.pdf
Q1 2013 Report:
http://hugin.info/36/R/1699758/560857.pdf
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Source: DNO International ASA via Thomson Reuters ONE
[HUG#1699758]
Unternehmen: DNO International ASA - ISIN: NO0003921009
