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DNO ASA — Earnings Release 2023
Jan 15, 2024
3580_rns_2024-01-15_d24a145d-f125-400d-b3bc-e4c106be7f7d.html
Earnings Release
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Q4 2023 Trading Update and Invitation to Earnings Call
Q4 2023 Trading Update and Invitation to Earnings Call
Oslo, 15 January 2024 - DNO ASA, the Norwegian oil and gas operator, will
publish its Q4 2023 operating and interim financial results on 8 February at
07:00 (CET). A videoconference call with executive management will follow at
14:00 (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 Q4 2023 Q3 2023 Q4 2022
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Kurdistan 65,773 25,984 107,822
North Sea - - -
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Net entitlement production Q4 2023 Q3 2023 Q4 2022
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Kurdistan 26,057 9,897 25,618
North Sea 16,879 14,288 14,976
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Sales Q4 2023 Q3 2023 Q4 2022
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Kurdistan 26,057 9,897 25,618
North Sea 15,628 15,749 15,152
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Equity accounted production (net) Q4 2023 Q3 2023 Q4 2022
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Côte d'Ivoire 3,476 3,373 3,560
Selected cash flow items
DNO's share of crude oil from the Tawke license 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 in the fourth quarter USD 6.3 million tax refund in Norway which
relates to the tax assessment for 2022.
Also during the quarter, the Company paid a dividend of NOK 0.25 per share
(totaling USD 22.7 million).
Other items and information
DNO participated in two appraisals well on the Norwegian Continental Shelf in
the quarter. The Bergknapp appraisal well in PL836S (30 percent working
interest) was spudded 1 October and completed 13 December while the Ofelia
appraisal well in PL929 (10 percent working interest) was spudded 2 October and
completed 19 November. Both wells were successful in confirming and appraising
the original discoveries; the Ofelia well also led to a new gas discovery in the
overlying Kyrre formation.
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 Q4 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.