Oslo, 16 October 2023 - DNO ASA, the Norwegian oil and gas operator, will
publish its Q3 2023 operating and interim financial results on 9 November at
07:00 (CET). A videoconference call with executive management will follow at
10:00 (CET). The Company issues below an update on production and sales volumes
for the quarter as well as other key financial information that will be further
discussed in the earnings call.
Volumes (boepd)
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Gross operated production Q3 2023 Q2 2023 Q3 2022
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  Kurdistan                           25,984      65      109,054
  North Sea                              -         -         -

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Net entitlement production Q3 2023 Q2 2023 Q3 2022
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  Kurdistan                            9,897      598     24,779
  North Sea                           14,292    10,841    13,970

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Sales Q3 2023 Q2 2023 Q3 2022
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  Kurdistan                            9,897      598     24,779
  North Sea                           15,749     9,056    11,569

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Equity accounted production (net) Q3 2023 Q2 2023 Q3 2022
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Côte d'Ivoire 3,373 3,532 -
Selected cash flow items
Following shutdown of DNO's operated fields in Kurdistan which commenced 25
March, the Tawke field was reopened on 18 July and production has since ramped
up. DNO's share of crude oil from the field during the quarter has been sold to
local buyers with payments received directly by DNO in advance. No crude oil was
delivered to the Kurdistan Regional Government for export by pipeline through
Türkiye.
DNO received USD 27.2 million in decommissioning tax refunds in the United
Kingdom. In Norway, there were neither tax payments nor refunds in the quarter.
Also during the quarter, the Company paid a dividend of NOK 0.25 per share
(totaling USD 23.0 million).
Other items and information
DNO participated in two exploration wells and one appraisal well in the North
Sea in the quarter. The Carmen well in PL1148 on the NCS (30 percent working
interest) was completed on 12 July and has been announced as the largest
discovery in Norway in 10 years. The Norma well in PL1148 on the NCS (30 percent
working interest) was spudded 18 July and completed 26 September and has been
announced as a play-opening discovery. The Bergknapp appraisal well in PL836S
(30 percent interest), the second well drilled to appraise this discovery, was
spudded 14 July; operations were temporarily suspended 3 August but resumed 1
October.
Earnings call login details
Please visit www.dno.no (http://www.dno.no) for login details ahead of the call.
Disclaimer
The information contained in this release is based on a preliminary assessment
of the Company's Q3 2023 operating and interim financial results and may be
subject to change.
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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
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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.
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