Måndag 23 December | 01:09:59 Europe / Stockholm

DNO

Kalender

Tid*
2025-11-06 07:00 Kvartalsrapport 2025-Q3
2025-08-14 07:00 Kvartalsrapport 2025-Q2
2025-06-05 N/A Årsstämma
2025-05-15 07:00 Kvartalsrapport 2025-Q1
2025-02-06 08:00 Bokslutskommuniké 2024
2024-11-14 - X-dag kvartalsutdelning DNO 0.3125
2024-11-07 - Kvartalsrapport 2024-Q3
2024-08-22 - X-dag kvartalsutdelning DNO 0.3125
2024-08-15 - Kvartalsrapport 2024-Q2
2024-06-06 - Årsstämma
2024-05-16 - X-dag kvartalsutdelning DNO 0.25
2024-05-08 - Kvartalsrapport 2024-Q1
2024-02-15 - X-dag kvartalsutdelning DNO 0.25
2024-02-08 - Bokslutskommuniké 2023
2023-11-16 - X-dag kvartalsutdelning DNO 0.25
2023-11-09 - Kvartalsrapport 2023-Q3
2023-08-24 - X-dag kvartalsutdelning DNO 0.25
2023-08-17 - Kvartalsrapport 2023-Q2
2023-05-25 - Årsstämma
2023-05-24 - X-dag kvartalsutdelning DNO 0.25
2023-05-11 - Kvartalsrapport 2023-Q1
2023-02-14 - X-dag kvartalsutdelning DNO 0.25
2023-02-09 - Bokslutskommuniké 2022
2022-11-08 - X-dag kvartalsutdelning DNO 0.25
2022-11-08 - X-dag halvårsutdelning DNO 0.25
2022-11-03 - Kvartalsrapport 2022-Q3
2022-09-13 - Extra Bolagsstämma 2022
2022-08-15 - X-dag kvartalsutdelning DNO 0.25
2022-08-11 - Kvartalsrapport 2022-Q2
2022-05-25 - Årsstämma
2022-05-12 - Kvartalsrapport 2022-Q1
2022-03-14 - X-dag kvartalsutdelning DNO 0.2
2022-02-10 - Bokslutskommuniké 2021
2021-12-21 - X-dag ordinarie utdelning DNO 0.20 NOK
2021-11-04 - Kvartalsrapport 2021-Q3
2021-07-29 - Kvartalsrapport 2021-Q2
2021-05-27 - Årsstämma
2021-05-06 - Kvartalsrapport 2021-Q1
2021-02-11 - Bokslutskommuniké 2020
2020-10-29 - Kvartalsrapport 2020-Q3
2020-07-30 - Kvartalsrapport 2020-Q2
2020-05-28 - X-dag ordinarie utdelning DNO 0.00 NOK
2020-05-27 - Årsstämma
2020-05-07 - Kvartalsrapport 2020-Q1
2020-02-28 - Extra Bolagsstämma 2020
2020-02-06 - Bokslutskommuniké 2019
2019-10-31 - Kvartalsrapport 2019-Q3
2019-10-25 - X-dag ordinarie utdelning DNO 0.20 NOK
2019-10-25 - X-dag halvårsutdelning DNO 0.2
2019-07-31 - Kvartalsrapport 2019-Q2
2019-05-29 - Årsstämma
2019-05-08 - Kvartalsrapport 2019-Q1
2019-03-27 - Bokslutskommuniké 2018
2019-03-15 - X-dag bonusutdelning DNO 0.2
2018-11-01 - Kvartalsrapport 2018-Q3
2018-09-14 - X-dag bonusutdelning DNO 0.2
2018-09-14 - X-dag halvårsutdelning DNO 0.2
2018-08-16 - Kvartalsrapport 2018-Q2
2018-06-01 - X-dag ordinarie utdelning DNO 0.00 NOK
2018-05-31 - Årsstämma
2018-02-08 - Bokslutskommuniké 2017
2017-11-09 - Kvartalsrapport 2017-Q3
2017-08-24 - Kvartalsrapport 2017-Q2
2017-06-02 - X-dag ordinarie utdelning DNO 0.00 NOK
2017-06-01 - Årsstämma
2017-04-26 - Kvartalsrapport 2018-Q1
2017-02-09 - Bokslutskommuniké 2016
2016-11-10 - Kvartalsrapport 2016-Q3
2016-08-18 - Kvartalsrapport 2016-Q2
2016-06-03 - X-dag ordinarie utdelning DNO 0.00 NOK
2016-06-02 - Årsstämma
2016-05-04 - Kvartalsrapport 2016-Q1
2016-02-11 - Bokslutskommuniké 2015
2015-11-05 - Kvartalsrapport 2015-Q3
2015-08-20 - Kvartalsrapport 2015-Q2
2015-05-29 - X-dag ordinarie utdelning DNO 0.00 NOK
2015-05-28 - Årsstämma
2015-05-06 - Kvartalsrapport 2015-Q1
2015-02-05 - Bokslutskommuniké 2014
2014-11-13 - Kvartalsrapport 2014-Q3
2014-08-21 - Kvartalsrapport 2014-Q2
2014-06-06 - X-dag ordinarie utdelning DNO 0.00 NOK
2014-06-05 - Årsstämma
2014-05-08 - Kvartalsrapport 2014-Q1
2014-02-20 - Bokslutskommuniké 2013
2013-11-14 - Kvartalsrapport 2013-Q3
2013-08-21 - Kvartalsrapport 2013-Q2
2013-06-13 - X-dag ordinarie utdelning DNO 0.00 NOK
2013-06-12 - Årsstämma
2013-05-07 - Kvartalsrapport 2013-Q1
2013-02-12 - Bokslutskommuniké 2012
2012-11-15 - Kvartalsrapport 2012-Q3
2012-08-22 - Kvartalsrapport 2012-Q2
2012-06-12 - X-dag ordinarie utdelning DNO 0.00 NOK
2012-06-11 - Årsstämma
2012-05-09 - Kvartalsrapport 2012-Q1
2012-02-15 - Bokslutskommuniké 2011
2011-11-09 - Kvartalsrapport 2011-Q3
2011-08-17 - Kvartalsrapport 2011-Q2
2011-06-10 - X-dag ordinarie utdelning DNO 0.00 NOK
2011-06-09 - Årsstämma
2011-05-11 - Kvartalsrapport 2011-Q1
2011-03-10 - Extra Bolagsstämma 2011
2011-02-16 - Bokslutskommuniké 2010
2010-11-11 - Kvartalsrapport 2010-Q3
2010-08-18 - Kvartalsrapport 2010-Q2
2010-06-18 - X-dag ordinarie utdelning DNO 0.00 NOK
2010-06-17 - Årsstämma
2010-05-11 - Kvartalsrapport 2010-Q1
2010-02-17 - Bokslutskommuniké 2009
2009-11-11 - Kvartalsrapport 2009-Q3

Beskrivning

LandNorge
ListaOB Match
SektorRåvaror
IndustriOlja & gas
DNO är ett norskt oljebolag. Den huvudsakliga verksamheten bedrivs inom prospektering och produktion, där bolaget förfogar över ett flertal licenser och rättigheter inom olje- och gasindustrin. Idag innehas störst verksamhet i Mellanöstern och Nordafrika (MENA regionen). Bolaget gick in i MENA regionen under 1998 och verksamheten består både av offshore- och onshore verksamhet. Bolaget grundades 1971 och har huvudkontor i Oslo.
2024-05-08 07:00:00

Oslo, 8 May 2024 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2024 operating profit of USD 61 million, 61 percent higher than the previous quarter, on the back of revenues totaling USD 183 million. Free cash flow at USD 44 million was up 31 percent from the fourth quarter of 2023.

Net production climbed 14 percent quarter-on-quarter and averaged 74,800 barrels of oil equivalent per day (boepd) in the first three months of 2024, to which the Kurdistan region of Iraq contributed 57,200 boepd, the North Sea 14,200 boepd and West Africa 3,300 boepd.

Production from the flagship Tawke license (DNO 75 percent and operator) in Kurdistan has now largely been restored after the March 2023 Iraq-Türkiye Pipeline shutdown as the Company continues to use road tankers to sell its oil to local trading companies on a cash and carry basis with payments deposited into Company accounts in international banks. DNO recently negotiated higher wellhead prices for such sales, raising them to the upper USD 30s per barrel.

The Company is also stepping up investments in its Tawke and Peshkabir fields, both within Tawke license, by restarting completion of three development wells that were discontinued last year as a cost saving measure following the pipeline shutdown. In addition, DNO has deployed its two own intervention rigs to conduct routine workovers, including repairing or replacing pumps, zone stimulations and cleaning out asphaltenes among low-cost, quick turnaround production enhancement measures.

On the Baeshiqa license (64 percent and operator), DNO is continuing to drill the B-3 well which has reached 2,500 meters of a target depth of 3,765 meters.

In the North Sea, which has rapidly developed into a second core area for DNO, the Company maintains a high activity level, pushing for speedier commercialization of its recent string of discoveries. During the quarter, the Bestla development (DNO 39 percent) was approved by partners with startup in H1 2027. Together with two other ongoing developments, namely Andvare (32 percent) and Berling (30 percent), Bestla will support a significant North Sea production increase by late in the decade.

In the first quarter, DNO announced completion of an appraisal well and sidetrack that further delineated the 2023 Heisenberg oil and gas discovery (DNO 49 percent), a new shallow play in the northern part of the Norwegian North Sea, now estimated to hold recoverable volumes in the range of 24 to 56 million barrels of oil equivalent (MMboe) (mean of 37 MMboe). Oil-bearing sands were also encountered in a deeper secondary target, Hummer.

In January, DNO announced that it had been awarded participation in 14 exploration licenses, of which three are operatorships, under Norway's Awards in Predefined Areas (APA) 2023 licensing round, bringing the Company’s total holdings to 82 licenses offshore Norway, of which 14 are operated.

Last year, DNO was the third most active exploration driller on the Norwegian Continental Shelf and ranked second in discovered volumes with an estimated 100 MMboe net to the Company. DNO has prioritized near-infrastructure exploration in areas with clear routes to commercialization of discoveries and has been an early mover in acquiring substantial acreage positions in selected areas which have since become exploration hotspots.

“Offshore discoveries in the North Sea and particularly in the Norwegian sector take significantly longer to bring to production than in other key oil and gas provinces, according to Bijan Mossavar-Rahmani, DNO’s Executive Chairman, “We not only address this by exploring near existing infrastructure but by acquiring bolt-on producing assets, including a 25 percent interest in the Arran field offshore UK and interests in multiple fields in the Norne area offshore Norway,” he continued.

Such acquisitions are made possible in part by deploying the Company’s sizeable cash position. The balance sheet remains strong with an equity ratio of 49 percent with the Company exiting the quarter with cash deposits of USD 606 million and net cash of USD 171 million. The Company redeemed in full its DNO03 bond by repaying the remaining USD 131 million in the quarter.

Given the strength of the balance sheet, the Board of Directors has authorized a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024, maintaining the Company’s quarterly distribution program.

A videoconference call with executive management is scheduled today at 12:30 (CET). To access the call, please visit http://www.dno.no/.


Key figures

 Q1 2024Q4 2023Full-Year 2023
Gross operated production (boepd)76,31065,77346,500
Net production (boepd)74,77269,68452,566
Revenues (USD million)183199668
Operating profit/-loss (USD million)6138218
Net profit/-loss (USD million)17419
Free cash flow (USD million)4433-82
Net cash/-debt (USD million)171153153

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.