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DNO ASA — Earnings Release 2023
Jul 17, 2023
3580_rns_2023-07-17_2ad3d40f-f3ff-4cad-b0e2-e969cfcca3f8.html
Earnings Release
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Q2 2023 Trading Update and Invitation to Earnings Call
Q2 2023 Trading Update and Invitation to Earnings Call
Oslo, 17 July 2023 - DNO ASA, the Norwegian oil and gas operator, will publish
its Q2 2023 operating and interim financial results on 17 August 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 Q2 2023 Q1 2023 Q2 2022
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Kurdistan 65 94,720 107,178
North Sea - - -
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Net entitlement production Q2 2023 Q1 2023 Q2 2022
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Kurdistan 598 22,691 26,682
North Sea 10,841 14,776 11,579
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Sales Q2 2023 Q1 2023 Q2 2022
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Kurdistan 598 22,691 26,682
North Sea 9,056 15,865 12,594
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Equity accounted production (net) Q2 2023 Q1 2023 Q2 2022
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Côte d'Ivoire 3,555 3,676 -
Selected cash flow items
During the second quarter, DNO did not receive any payments from the Kurdistan
Regional Government for crude oil deliveries from the Tawke and Baeshiqa
licenses.
DNO paid two tax instalments totaling of USD 80.0 million in Norway related to
Norwegian Continental Shelf (NCS) taxable profits in 2022.
Also during the quarter, the Company paid a dividend of NOK 0.25 per share
totaling USD 22.1 million.
Other items and information
DNO participated in three exploration wells in the North Sea in the quarter. The
Carmen well in PL1148 on the NCS (30 percent working interest) has been
announced as the largest discovery in Norway in 10 years. The well was spud in
April and completed in July. The Eggen and Litago wells in PL923 on the NCS (20
percent working interest), drilled in May and June, were dry.
DNO shut down production from its operated oil fields in the Kurdistan region of
Iraq after it was instructed in late March to temporarily cease deliveries to
the Iraq-Turkey Pipeline. The reported gross operated production in Q2 2023
represents volumes that were produced into April and placed in storage tanks.
Sales from storage to local markets commenced during the quarter and have been
stepped up.
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 Q2 2023 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.