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2014-04-30

DNO International ASA: DNO Releases 2013 Annual Report and Accounts and Annual Statement of Reserves

Oslo, 30 April 2014 -- DNO International ASA ("DNO"), the Norwegian oil and
gas company, today released its 2013 Annual Report and Accounts detailing the
Company's operating performance and audited financial results together with
its Annual Statement of Reserves.

DNO reported record levels of operating revenue of NOK 2,967 million and
operating cash flow of NOK 1,727 million in 2013, driven by strong production
performance at the Company's assets in the Kurdistan region of Iraq, Oman and
Yemen. Oil and gas production in 2013 rose to 39,170 barrels of oil
equivalent per day (boepd) on a Company Working Interest (CWI) basis, up from
38,354 boepd in 2012.

Operating profit stood at NOK 362 million following one-off charges for
goodwill and other impairments. Absent these charges, operating profit would
have totaled a record NOK 1,479 million. In 2013, profit before and after
tax were NOK 305 million and NOK 127 million, respectively. These results
came below preliminary numbers released in February following a non-cash
impairment charge from revision and reclassification of certain reserves to
the contingent category.

Exploration and development expenditures were NOK 1,756 million in 2013 funded
by operating cash flow and the Company maintained a strong financial position
at yearend as its free cash balance increased to NOK 1,603 million from NOK
1,498 million at yearend 2012.

The Company continued to make steady progress towards its ambitious capacity
expansion plans at the flagship Tawke field in Kurdistan, and in particular
recorded great success from horizontal drilling at the field. Elsewhere in
Kurdistan, the Company became the first to sign a gas sales and purchase
agreement with a state buyer and launched fast track development of the
Summail gas field, submitted a field development plan for the Peshkabir oil
discovery and proceeded with appraisal and early development of the Benanan
and Bastora heavy oil fields. The Company reported exploration drilling
success in 2013, making two new oil discoveries, and materially grew its
exploration and appraisal portfolio with the addition of four new blocks
located in both frontier and established hydrocarbon basins.

DNO delivered growth in reserves for the fourth consecutive year with a
reserve replacement ratio of 152 percent in 2013. The Company's Annual
Statement of Reserves, published in accordance with Oslo Stock Exchange
Circular no. 9/2009, set total remaining proved and probable (2P/P50)
reserves at 541.9 million barrels of oil equivalent (MMboe) on a CWI basis as
at yearend 2013. The comparable figures for yearend 2012, yearend 2011,
yearend 2010 and yearend 2009 were 520.3 MMboe, 371.9 Mmboe, 194.2 Mmboe and
149.4 MMboe, respectively.

The increase in 2013 was driven principally by the addition of new reserves
associated with the Summail gas field and the Peshkabir oil field combined
with an upward revision at the Benenan oil field, all located in Kurdistan.
The first two horizontal wells at the Tawke field were completed too late in
the year to incorporate performance data into the field reservoir model and
allow for a full field reserves revision which will be undertaken in 2014
with additional results from another four to six horizontal wells.

The Company's yearend 2013 proved and probable (CWI) reserves of 541.9 MMboe
comprised of 507.1 million barrels (MMbbls) of oil (including condensate and
other liquids) and 195.4 billion cubic feet (Bcf) of gas. These volumes
represent the Company's commercial reserves, class 1-3, under the Norwegian
Petroleum Directorate classification. In addition to its class 1-3 2P CWI
reserves, the Company held 99.4 MMboe in 2C contingent resources, class 4-7
on a CWI basis. International petroleum consultants DeGolyer and MacNaughton
conducted an independent assessment of the majority of the Company's assets;
those assets with minor or no change in reserves and resources since 31
December 2012 were assessed by the Company.

The 2013 Annual Report and the 2013 Annual Statement of Reserves are attached
and are also available on the Company's websitewww.dno.no.

--- 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, 30 April 2014

DNO International ASA
Corporate Communications
Queries: Bjorn Dale (bjorn.dale@dno.noor tel: +47 911 57 197)

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

Annual Statement of Reserves 2013
http://hugin.info/36/R/1781305/609388.pdf
Annual Report 2013
http://hugin.info/36/R/1781305/609387.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 International ASA via Globenewswire

HUG#1781305

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