Q2 2023 Trading Update and Invitation to Earnings Call
Oslo, 17 July 2023 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2023 operating and interim financial results on 17 August 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 | Q2 2023 | Q1 2023 | Q2 2022 |
| Kurdistan | 65 | 94,720 | 107,178 |
| North Sea | - | - | - |
| Net entitlement production | Q2 2023 | Q1 2023 | Q2 2022 |
| Kurdistan | 598 | 22,691 | 26,682 |
| North Sea | 10,841 | 14,776 | 11,579 |
| Sales | Q2 2023 | Q1 2023 | Q2 2022 |
| Kurdistan | 598 | 22,691 | 26,682 |
| North Sea | 9,056 | 15,865 | 12,594 |
| Equity accounted production (net) | Q2 2023 | Q1 2023 | Q2 2022 |
| Côte d’Ivoire | 3,555 | 3,676 | - |
Selected cash flow items
During the second quarter, DNO did not receive any payments from the Kurdistan Regional Government for crude oil deliveries from the Tawke and Baeshiqa licenses.
DNO paid two tax instalments totaling of USD 80.0 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 22.1 million.
Other items and information
DNO participated in three exploration wells in the North Sea in the quarter. The Carmen well in PL1148 on the NCS (30 percent working interest) has been announced as the largest discovery in Norway in 10 years. The well was spud in April and completed in July. The Eggen and Litago wells in PL923 on the NCS (20 percent working interest), drilled in May and June, were dry.
DNO shut down production from its operated oil fields in the Kurdistan region of Iraq after it was instructed in late March to temporarily cease deliveries to the Iraq-Turkey Pipeline. The reported gross operated production in Q2 2023 represents volumes that were produced into April and placed in storage tanks. Sales from storage to local markets commenced during the quarter and have been stepped up.
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 Q2 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.
