Q2 2025 Trading Update and Invitation to Earnings Call
Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.
Volumes (boepd)
| Gross operated production | Q2 2025 | Q1 2025 | Q2 2024 |
| Kurdistan | 74,760 | 82,081 | 79,783 |
| North Sea | 5,526 | 8,864 | - |
| Net entitlement production | Q2 2025 | Q1 2025 | Q2 2024 |
| Kurdistan | 18,675 | 18,464 | 17,167 |
| North Sea | 33,348 | 19,296 | 16,321 |
| Sales | Q2 2025 | Q1 2025 | Q2 2024 |
| Kurdistan | 18,675 | 18,464 | 17,167 |
| North Sea | 32,393 | 17,216 | 12,871 |
| Equity accounted production (net) | Q2 2025 | Q1 2025 | Q2 2024 |
| Côte d’Ivoire | 3,175 | 3,375 | 3,256 |
Selected cash flow items
DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.
In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.
On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.
On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.
North Sea exploration
DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.
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Disclaimer
The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 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. More information is available at
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
