DNO Confirms Q3 2023 Local Oil Sales in Iraqi Kurdistan

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DNO Confirms Q3 2023 Local Oil Sales in Iraqi Kurdistan

On February 8 at 07:00 (CET), DNO ASA, the Norwegian oil and gas company, will release its operating and interim financial results for Q4 2023.

At 14:00 (CET), there will be a videoconference session with executive management.

The company provides an update on the quarter’s production and sales volumes below, along with other important financial data that will be covered in more detail on the results call.

Volumes (boepd)

Selected cash flow items

During the quarter, DNO sold its portion of the crude oil from the Tawke license to local customers, receiving payment upfront from the buyers. The Kurdistan Regional Government did not receive any crude oil to be sent via pipeline via Turkey.

In relation to the tax assessment for 2022, DNO got a USD 6.3 million tax refund in Norway during the fourth quarter.

The Company distributed a dividend of NOK 0.25 per share (or USD 22.7 million) for the quarter.

Other items and announcement

Throughout the quarter, DNO took part in two well evaluations on the Norwegian Continental Shelf. Both the Ofelia appraisal well in PL929 (10 percent working interest) and the Bergknapp appraisal well in PL836S (30 percent working interest) have their spudding dates of 2 October and 19 November, respectively. The Bergknapp appraisal well was finished on December 13. The initial findings were successfully verified and evaluated by both wells; moreover, the Ofelia well produced a fresh gas discovery in the adjacent Kyrre formation.