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DNO International ASA: DNO International Reports First Quarter 2014 Results

Oslo, 8 May 2014 -- DNO International ASA, the Norwegian oil and gas company,
today announced first quarter 2014 net profit of USD 24 million on operating
revenue of USD 113 million. Production climbed by more than a quarter from
the previous quarter to 45,744 barrels of oil equivalent per day on a company
working interest (CWI) basis.

The first quarter production figure includes oil deliveries from the Tawke
field in Kurdistan to storage facilities in Ceyhan, Turkey. These deliveries
were stepped up commencing April 26 and have been averaging some 100,000
barrels per day gross over the past ten days from a total field production of
over 120,000 barrels per day, with the balance sold to the local market in

"We have our foot firmly on the accelerator in Kurdistan where we are now the
fastest growing producer and also number one in proven and probable oil and
gas reserves," said Bijan Mossavar-Rahmani, DNO International's Executive

During the quarter, operational cash flow of USD 89 million exceeded capital
spending of USD 85 million. The Company's free cash balance at 31 March was
USD 242 million in addition to which the Company held financial assets
totalling USD 95 million. These financial assets include DNO International
treasury shares and a 4.2 percent stake in RAK Petroleum PCL, DNO
International's largest shareholder.

Operationally, horizontal drilling has continued to deliver exceptional
results at the Tawke field. During the first quarter, the Company brought two
more high deliverability horizontal wells on production as part of its
back-to-back drilling campaign that will see nine such wells completed by
yearend. Elsewhere in Kurdistan, the Company has initiated first sale of oil
from the Benenan field and first flow of gas from the Summail field.

Additionally, the Company has an active exploration and appraisal drilling
program over the next nine months targeting gross prospective resources of
570 million barrels of oil with seven wells across four countries.

DNO International will present its financial and operating results today in
Oslo at 10:00 CET (09:00 GMT). A live webcast of the presentation as well as
the full first quarter 2014 interim report will be available on the Company
website (

--- DNO International ASA is an Oslo-listed, Middle East and North Africa
focused oil and gas company holding stakes in 20 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 ---

Oslo, 8 May 2014

DNO International ASA
Corporate Communications
Queries: Bjorn Dale ( or tel: +47 911 57 197)

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

Q1 2014 Report
Q1 2014 Presentation


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 International ASA via Globenewswire


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