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DNO ASA (DNO.OL)

DNO.OL on Oslo Stock Exchange

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23 Feb 2018
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Latest Key Developments (Source: Significant Developments)

DNO Q4 below forecast, plans to raise production and spending
Thursday, 8 Feb 2018 02:00am EST 

Feb 8 (Reuters) - Oil firm DNO ASA ::DNO RAMPING UP KURDISTAN INVESTMENTS; REPORTS STRONG 2017 RESULTS.DNO Q4 REVENUE $116‍​ MILLION (REUTERS POLL $120 MILLION).DNO Q4 OPERATING RESULT $25.7‍​ MILLION (REUTERS POLL $49 MILLION).DNO Q4 NET RESULT $30.6‍​ MILLION (REUTERS POLL $43.9 MILLION).THE FAST TRACKED DEVELOPMENT OF PESHKABIR FIELD WITH TWO WELLS CURRENTLY PRODUCING A TOTAL OF 16,000 BARRELS OF OIL PER DAY (BOPD) AND COMMINGLED FOR EXPORT WITH ANOTHER 97,000 BOPD FROM OTHER DNO-OPERATED FIELD, TAWKE,​.‍A TOTAL OF SIX PESHKABIR WELLS WILL BE DRILLED THIS YEAR WITH FIELD PRODUCTION EXPECTED TO REACH 30,000 BOPD BY SUMMER AND CONTINUE TO RAMP UP IN SECOND HALF OF YEAR​.AT YEAR-END 2017, NET CASH POSITION OF USD 30 MILLION VERSUS NET DEBT OF USD 139 MILLION AT END-2016‍​.‍AT TAWKE FIELD, PLANS ARE BEING FINALIZED WITH PARTNER GENEL ENERGY PLC TO DRILL FOUR WELLS IN 2018, IN ADDITION TO CURRENTLY DRILLING TAWKE-48 WELL SLATED FOR COMPLETION BY END-FEBRUARY​.‍ELSEWHERE IN KURDISTAN, DNO HAS RE-ENTERED AND SIDETRACKED HAWLER-1 WELL TO APPRAISE BENENAN HEAVY OIL FIELD IN ERBIL LICENSE​.DNO Q4 WORKING INTEREST PRODUCTION ‍​74,033 BOEPD (REUTERS POLL 78,726 BOEPD).PROJECTED 2018 ANNUAL CAPEX AT USD 150 MILLION.DNO SAYS ACTIVELY PURSUING ADDITIONAL NORWEGIAN STAKES, INCLUDING EXPLORATION, DEVELOPMENT AND PRODUCTION ASSETS.SEES TOTAL SPENDING IN 2018 (INCLUDING CAPEX, OPEX AND LIFTING) AT $340 MILLION VERSUS $259 MILLION IN 2017.  Full Article

Norway's DNO steps up production at Kurdish Peshkabir oilfield
Monday, 11 Dec 2017 01:00am EST 

Dec 11 (Reuters) - Dno Asa ::DNO STEPS UP PRODUCTION FROM PESHKABIR FIELD IN KURDISTAN.‍TODAY ANNOUNCED A TRIPLING OF PRODUCTION FROM PESHKABIR FIELD IN TAWKE LICENSE IN KURDISTAN REGION OF IRAQ TO 15,000 BARRELS OF OIL PER DAY​.‍AS PREVIOUSLY ANNOUNCED, TAWKE LICENSE PARTNERS ARE PROCEEDING WITH FAST TRACK PLANS TO COMMISSION AN EARLY PRODUCTION FACILITY BY YEAREND AND COMPLETE INSTALLATION OF PIPELINE CONNECTIONS EARLY IN 2018 TO ALLOW RAMP UP OF OUTPUT AT PESHKABIR FIELD​.‍PREPARATIONS ARE UNDERWAY TO DRILL PESHKABIR-4 WELL WHICH WILL ALSO BE DESIGNED TO TEST UNDERLYING TRIASSIC RESERVOIR​.‍DNO OPERATES AND HAS A 75 PERCENT INTEREST IN TAWKE LICENSE, WITH PARTNER GENEL ENERGY PLC HOLDING REMAINDER​.‍LICENSE CONTAINS TAWKE AND PESHKABIR FIELDS WHOSE COMBINED YEAR-TO-DATE PRODUCTION HAS AVERAGED 110,000 BOPD​.‍A TOTAL OF 11 ZONES IN A 1.2 KILOMETER HORIZONTAL SECTION OF CRETACEOUS AND JURASSIC RESERVOIR IN PESHKABIR-3 WELL WERE INDIVIDUALLY TESTED AND FLOWED SUCCESSFULLY​.‍OIL ZONES TESTED AN AVERAGE OF 5,340 BOPD PER ZONE ON A 64/64" CHOKE, WITH HIGHEST INDIVIDUAL TEST RATE OF 7,200 BOPD​.‍A MULTI-ZONE COMBINED PRODUCTION TEST TOTALED 12,500 BOPD ON A 128/64" CHOKE FROM FIVE ZONES​.  Full Article

DNO reports $469 mln operating profit for Q3 after Kurdistan deal
Thursday, 9 Nov 2017 02:00am EST 

Nov 9 (Reuters) - Dno ASA :Dno q3 revenue $‍​73.0 million (reuters poll $75.9 million).Dno q3 operating result $‍469​ million (reuters poll $28.9 million).Q3 operating profit follows recognition of usd 556 million as other income following receivables settlement agreement with kurdistan regional government in august 2017​.Dno q3 net result $462.7‍​ million (reuters poll $19.9 million).Dno q3 working interest production 74,830‍​ boepd (reuters poll 80,062 boepd).dno's operations in kurdistan continue uninterrupted​.‍with continuing export payments, dno will step up investments in will step up investments at Tawke and Peshkabir fields in kurdistan in 2018 ​.‍announced flow rates of more than 3,000 barrels of oil per day (bopd) from first zone tested in peshkabir-3 well in kurdistan region of iraq, nine other zones and one gas zone have been identified for testing​ in the reservoir.The company applied for norway’s awards in predefined areas (apa) 2017 licensing round in september, targeting participation in five exploration wells per year.Dno sees 2017 capital expenditure unchanged at $130‍​ million.  Full Article

DNO reports first payment under Kurdistan receivables settlement
Monday, 16 Oct 2017 02:00am EDT 

Oct 16 (Reuters) - Dno Asa :Reports first payment under Kurdistan receivables settlement.Under the agreement effective 1 August 2017, the Company was assigned the Government's 20 percent interest in the Tawke license as well as three percent of gross Tawke license revenues payable monthly over a five-year period.‍payment of $4.02 million to DNO represents three percent of gross tawke license revenues during august​.‍an entitlement invoice for that month's export deliveries has been issued separately and will be shared pro-rata with genel energy plc upon receipt.Following the receivables settlement, DNO's stake in the Tawke license stands at 75 percent with Genel holding the balance​.  Full Article

BRIEF-DNO receives $34.75 million from KRG, to be shared with Genel
Thursday, 14 Sep 2017 02:00am EDT 

Adds missing word "million" in headline:Reports payment for Tawke deliveries.Reported receipt of usd 34.75 million from kurdistan regional government as payment towards june 2017 crude oil deliveries to the export market from the Tawke license.Funds will be shared pro-rata by dno and partner genel energy plc..  Full Article

DNO chairman expects rise in Kurdistan payments at year-end
Wednesday, 13 Sep 2017 08:19am EDT 

Sept 13 (Reuters) - Dno Asa Executive Chairman Bijan Mossavar-Rahmani told a conference on Wednesday::expects an increase of about 30 percent in payments from KRG for oil production at year-end.says "i think we should see in november a big bump".says when asked how much the firm expects to receive from KRG: "we said that production is 110,000 boepd, price is a $12 discount to the brent price".  Full Article

DNO joins Exxonmobil on Baeshiqa license in Kurdistan assumes operatorship
Thursday, 7 Sep 2017 09:07pm EDT 

Sept 7 (Reuters) - Dno Asa :Dno joins Exxonmobil on Baeshiqa license in kurdistan; assumes operatorship.Co will assume operatorship of license with 40 percent paying (32 percent net) interest, acquiring one-half of Exxonmobil's position.Pending government approval, DNO will drill exploration well H1 2018 with second exploration well to follow on separate structure.  Full Article

Oil firm DNO boosts stake in key Iraqi field Tawke to 75 pct
Thursday, 24 Aug 2017 03:54am EDT 

Aug 24 (Reuters) - DNO ASA :DNO INCREASES TAWKE STAKE; ANNOUNCES SETTLEMENT OF KURDISTAN RECEIVABLES.SAYS HAS BEEN ASSIGNED 20 PERCENT INTEREST IN TAWKE LICENSE HELD BY KURDISTAN REGIONAL GOVERNMENT AS PART OF A LANDMARK SETTLEMENT OF OUTSTANDING RECEIVABLES.FOLLOWING SETTLEMENT, DNO HOLDS A 75 PERCENT OPERATED STAKE IN LICENSE CONTAINING TAWKE AND PESHKABIR FIELDS.IN ADDITION TO 20 PERCENT INTEREST, COMPANY WILL RECEIVE THREE PERCENT OF GROSS LICENSE REVENUES EACH MONTH FROM GOVERNMENT OVER A FIVE-YEAR PERIOD.GOVERNMENT HAS ALSO DISCHARGED DNO FROM CERTAIN PAYMENT OBLIGATIONS INCLUDING PRODUCTION BONUSES.GOVERNMENT HAS ALSO DISCHARGED DNO FROM CERTAIN PAYMENT OBLIGATIONS INCLUDING PRODUCTION BONUSES, LICENSE FEES AND A USD 150 MILLION WATER PURIFICATION PROJECT THAT IS NO LONGER REQUIRED BY GOVERNMENT.DEAL WILL BOLSTER COMPANY'S BALANCE SHEET AND FUTURE CASH FLOW.SENDS A STRONG POSITIVE SIGNAL TO INVESTORS AND HELPS RESTORE CONFIDENCE IN KURDISTAN'S OIL SECTOR.DNO'S JUNE-JULY 2017 OUTSTANDING INVOICES FOR KURDISTAN EXPORTS WILL CONTINUE TO BE PAID UNDER PAYMENT ARRANGEMENT IN PLACE SINCE JANUARY 2016.  Full Article

DNO aims for 5 Norwegian explorations wells per year
Thursday, 24 Aug 2017 03:06am EDT 

Aug 24 (Reuters) - DNO ASA said on Thursday::The company will participate in Norway's two upcoming licensing rounds during the second half of the year.DNO's aim is to be among the most active explorers on the Norwegian Continental Shelf (NCS), targeting participation in five exploration wells per year.  Full Article

DNO swings into net loss in Q2, ups 2017 capex guidance
Thursday, 24 Aug 2017 02:41am EDT 

Aug 24 (Reuters) - DNO ASA :DNO Q2 REVENUE $81.7 MILLION (REUTERS POLL $81.9 MILLION).DNO Q2 NET RESULT $-12.9 MILLION (REUTERS POLL $30.6 MILLION) VS $14.7 MLN IN Q1 2017.DNO Q2 WORKING INTEREST PRODUCTION 69,121 BOEPD (REUTERS POLL 69,036 BOEPD).SAYS THE COMPANY WILL PARTICIPATE IN NORWAY'S TWO UPCOMING LICENSING ROUNDS IN THE AUTUMN AND EXPECTS TO ADD TO ITS 11 NORTH SEA LICENSES ACQUIRED EARLIER THIS YEAR.PLANNED 2017 CAPITAL EXPENDITURES HAVE BEEN INCREASED TO USD 130 MILLION, UP FROM GUIDANCE SET EARLIER THIS YEAR OF USD 100 MILLION.SAYS TWO WELLS PLANNED ONSTREAM IN PESHKABIR FIELD BY YEAR-END AND TWO ADDITIONAL WELLS PLANNED IN 2018.  Full Article