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2016-02-11

DNO ASA: DNO ASA Reports 2015 Results

Oslo, 11 February 2016 - DNO ASA, the Norwegian oil and gas operator, today
reported record oil and gas output in 2015 though the company's results were
impacted by the sharp drop in world oil prices. Operated production was up 23
percent last year to 144,200 barrels of oil equivalent per day while revenues
dropped to USD 187 million in 2015, down 59 percent from 2014.

Releasing its preliminary 2015 fourth quarter and annual results, the company
announced plans to resume investments at its flagship Tawke field in the
Kurdistan Region of Iraq, following five consecutive monthly payments for oil
exports and a new payment arrangement tied to its contractual entitlements.

"As much of the industry continues to hunker down, DNO's foot is coming off
the brake and pressing on the accelerator," said DNO's Executive Chairman
Bijan Mossavar-Rahmani.

"The export payment arrangement just put in place provides regularity,
predictability and transparency, thereby laying the foundation for stepped up
investments in Kurdistan," he added.

New investments at Tawke are expected to reverse natural field decline and
boost output by at least 10 percent by mid-year, with further output
increases to follow as additional investments are made. The company also
plans to drill the Peshkabir-2 appraisal well this year. If successful, DNO
plans to quickly tie back the Peshkabir field to existing infrastructure at
Fish Khabur only 10 kilometers away.

"DNO has already pulled away from the pack in Kurdistan in terms of production
and exports, currently contributing nearly 60 percent of export volumes by
the international oil companies," said Mr. Mossavar-Rahmani. "In addition to
the scale and attractive economics of DNO's oil reserves -- unrivaled among
our peer group -- we have balance sheet strength to weather the oil price
storm and will emerge from this crisis stronger and more profitable," he
added. "We are stubbornly resilient."

The company reported a 2015 operating loss of USD 174 million (operating loss
of USD 243 million in 2014) on the back of lower revenues, restructuring and
impairment charges. DNO ended the year with a cash balance of USD 238
million, up from USD 114 million in 2014.

DNO ASA presents its full-year financial and operating results in Oslo at
10:00 CET today. A live webcast of the presentation as well as the full
Fourth Quarter and Full Year 2015 Interim Report will be available on the
company website (www.dno.no).

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For further information, please contact:
Media:media@dno.no

Investors:investor.relations@dno.no

Tel: +47 911 57 197

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DNO ASA is an Oslo-listed, Middle East and North Africa focused oil and gas
company holding stakes in 19 blocks in various stages of exploration,
development and production both onshore and offshore in the Kurdistan Region
of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab
Emirates, the Tunisian Republic and Somaliland.

--

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Q4 2015 Interim Report
http://hugin.info/36/R/1985350/728077.pdf
Q4 2015 Interim Presentation
http://hugin.info/36/R/1985350/728076.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via Globenewswire

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