DNO ASA, the Norwegian oil and gas administrator, will distribute its Q2 2024 working and in-between time monetary outcomes on 15 August at 07:00 (CET).
At 14:00 (CET), an executive management videoconference call will take place.
On Tuesday the Organization gave a report on creation, deals volumes and other key data for the quarter:
Volumes (boepd)
| Gross operated production | Q2 2024 | Q1 2024 | Q2 2023 |
| Kurdistan | 79,783 | 76,310 | 65 |
| North Sea | – | – | – |
| Net entitlement production | Q2 2024 | Q1 2024 | Q2 2023 |
| Kurdistan | 17,167 | 20,503 | 598 |
| North Sea | 16,321 | 14,217 | 10,841 |
| Sales | Q2 2024 | Q1 2024 | Q2 2023 |
| Kurdistan | 17,167 | 20,503 | 598 |
| North Sea | 12,872 | 17,710 | 9,056 |
| Equity accounted production (net) | Q2 2024 | Q1 2024 | Q2 2023 |
| Côte d’Ivoire | 3,256 | 3,323 | 3,532 |
Chosen income things
DNO’s portion of unrefined petroleum from the Tawke permit during the quarter has been offered to neighborhood purchasers as the Iraq-Türkiye Pipeline stayed shut. Installments are saved straightforwardly into DNO’s worldwide ledgers ahead of loadings.
Net working capital movements of USD 62 million will have a positive impact on operational cash flow in Q2 2024, driven by trade payables, customer prepayments, and sales/lifting arrangements for the Tawke license.
DNO paid a dividend of NOK 0.25 per share (totaling USD 23.0 million) in the second quarter. During the quarter, the company did not receive any tax refunds or payments.
DNO also closed the private placement of 400 million dollars’ worth of five-year senior unsecured bonds with a 9.25 percent coupon rate during the quarter. Regarding the bond situation, the Organization reclaimed USD 50 million in ostensible worth of the current DNO04 bond. After the redemption, DNO04 still owes USD 350 million in loans.
Different things and data
DNO took part in one investigation well in the Norwegian North Ocean in the quarter. The Cuvette well in PL248F/PL248GS (20% interest) was spudded on 28 April and finished on 15 June and brought about a revelation with assessed gross recoverable assets of 16-38 million barrels of oil same.
The B-3 well in Kurdistan at the operated Baeshiqa license, which was spudded on February 21 and continued throughout Q2 2024, was one of the other drilling activities that took place during the quarter.
The procurement of a 25 percent premium in the Arran field on the UK Mainland Rack reported in February was finished on 15 May. Thought paid upon finish was around USD 60 million and the obtained resource will add to revealed creation and monetary outcomes from culmination date.
DNO announced in May that it had reached an agreement with Vr Energi ASA to acquire stakes in five oil and gas fields in the Norne region of the Norwegian Sea. Since this deal is expected to close in the third quarter of 2024, it won’t affect the results for the second quarter of 2024.
