Q3 2024 Trading Update and Invitation to Earnings Call
Oslo, 14 October 2024 – DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2024 operating and interim financial results on 7 November at 07:00 (CET). A videoconference call with executive management will follow at 14:00 (CET). Today the Company provides an update on production, sales volumes and other key information for the quarter.
Volumes (boepd)
| Gross operated production | Q3 2024 | Q2 2024 | Q3 2023 |
| Kurdistan | 84,212 | 79,783 | 25,984 |
| North Sea | - | - | - |
| Net entitlement production | Q3 2024 | Q2 2024 | Q3 2023 |
| Kurdistan | 17,607 | 17,167 | 9,897 |
| North Sea | 11,236 | 16,321 | 14,288 |
| Sales | Q3 2024 | Q2 2024 | Q3 2023 |
| Kurdistan | 17,607 | 17,167 | 9,897 |
| North Sea | 15,306 | 12,871 | 15,749 |
| Equity accounted production (net) | Q3 2024 | Q2 2024 | Q3 2023 |
| Côte d’Ivoire | 2,843 | 3,256 | 3,373 |
Selected cash flow items
DNO’s share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. Payments are deposited directly into DNO’s international bank accounts in advance of loadings.
In the third quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 29 million), which was up 25 percent from prior quarterly distributions. The Company had no tax payments or refunds during the quarter.
The acquisition of stakes in five oil and gas fields in the Norne area in the Norwegian Sea announced in May was completed on 30 August. Net cash consideration paid by DNO was approximately USD 24 million. The transfer of DNO's 22.6 percent interest in Ringhorne East to Vår Energi, the other element of the swap, was completed on the same date.
Other items and information
DNO participated in two exploration wells in the Norwegian North Sea in the quarter. The Heisenberg/Angel well in PL827SB (49 percent interest) was spudded on 18 August and completed on 16 September. The well delineated the play-opening 2023 Heisenberg oil and gas discovery and confirmed the volume estimate of 24 to 56 MMboe but the deeper Angel exploration target was found to be mainly water wet. The operated Falstaff well (50 percent interest) was spudded on 20 September and drilling was ongoing as of end of Q3 2024.
Other drilling activities during the quarter included the B-3 well in Kurdistan at the DNO-operated Baeshiqa license (64 percent interest), which was spudded on 21 February, completed on 26 July and was ongoing a testing program as of end of Q3 2024.
Earnings call login details
Please visit 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 2024 operating and interim financial results and may be subject to change.
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For further information, please contact:
Media: [email protected]
Investors: [email protected]
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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.
