Q1 2023 Trading Update and Invitation to Earnings Call
Oslo, 18 April 2023 – DNO ASA, the Norwegian oil and gas operator, will publish its Q1 2023 operating and interim financial results on 11 May 2023 at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (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)
| Gross operated production | Q1 2023 | Q4 2022 | Q1 2022 |
| Kurdistan | 94,720 | 107,822 | 106,465 |
| North Sea | - | - | - |
| Net entitlement production | Q1 2023 | Q4 2022 | Q1 2022 |
| Kurdistan | 22,691 | 25,618 | 26,670 |
| North Sea | 14,776 | 14,976 | 12,700 |
| Sales | Q1 2023 | Q4 2022 | Q1 2022 |
| Kurdistan | 22,691 | 25,618 | 26,670 |
| North Sea | 15,865 | 15,152 | 10,689 |
| Equity accounted production (net) | Q1 2023 | Q4 2022 | Q1 2022 |
| Côte d’Ivoire | 3,676 | 3,560 | - |
Selected cash flow items
During the quarter, DNO received USD 114.1 million net from the Kurdistan Regional Government, representing the entitlement share of August and September 2022 crude oil deliveries for the Tawke and Baeshiqa licenses.
DNO paid one tax instalment of USD 43.1 million in Norway related to Norwegian Continental Shelf (NCS) taxable profits in 2022.
Also during the quarter, the Company paid a dividend of NOK 0.25 per share totaling USD 24.2 million and repurchased own shares totaling USD 50.7 million as part of DNO’s share buyback program. Following completion of the program in March, the Company holds 79,376,509 own shares in treasury, representing 7.53 percent of its share capital.
Other items
DNO participated in two exploration wells in the North Sea in the quarter. The Røver Sør well in PL923 on the NCS (20 percent working interest) was spudded on 1 December and completed on 2 February while the Heisenberg well in PL827S (49 percent working interest) was spudded on 14 February and completed on 6 March. Both wells have been announced as discoveries.
Following shutdown of the Company’s production in Kurdistan as announced on 29 March, the Company now projects full-year 2023 production for the Tawke license to be below the previously communicated projection of 100,000 barrels of oil per day.
Earnings call login details
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Disclaimer
The information contained in this release is based on a preliminary assessment of the Company’s Q1 2023 operating and interim financial results and may be subject to change.
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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.
