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DNO Reports Solid First Quarter Results; Prepares Deeper Dive into Norwegian Waters
Oslo, 15 May 2025 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2025 operating profit of USD 28 million on the back of USD 188 million in revenues, both showing a quarter-on-quarter increase. In a quarter marked by the announcement of its transformative USD 1.6 billion acquisition of Norway’s Sval Energi Group AS, DNO continued to deliver strong operational performance. Net production rose eight percent to 84,200 barrels of oil equivalent per day (boepd), to which K
About this update from Dno Asa Class A
[{"type":"image","alt":"DNO ASA","displaySize":"","headline":null,"caption":"DNO ASA","className":"","disableSlideshowImg":false,"size":{"original":{"width":154,"height":95,"url":"https://media.zenfs.com/en/globenewswire.com/8fe0feabaa3f9e58888b63c9b8bf228f"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/QMUVwz2XnCuGRaZvDAGYAw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIxMDtoPTEzMDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/8fe0feabaa3f9e58888b63c9b8bf228f","width":154,"height":95}},"lazy":false},{"type":"text","content":"Oslo, 15 May 2025 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2025 operating profit of USD 28 million on the back of USD 188 million in revenues, both showing a quarter-on-quarter increase.","length":221,"tagName":"p"},{"type":"text","content":"In a quarter marked by the announcement of its transformative USD 1.6 billion acquisition of Norway’s Sval Energi Group AS, DNO continued to deliver strong operational performance. Net production rose eight percent to 84,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 61,600 boepd, North Sea 19,300 boepd and West Africa 3,400 boepd.","length":364,"tagName":"p"},{"type":"text","content":"In the flagship Kurdistan Tawke license (DNO 75 percent and operator), production increased 11 percent quarter-on-quarter. Continuing strict capital discipline since the closure of the Iraq-Türkiye export pipeline, the Company stabilized, even raised, production from existing wells through rigless interventions. Output from similar reservoirs typically decline 15-20 percent per year.","length":386,"tagName":"p"},{"type":"text","content":"DNO’s share of oil production was sold at its Fish Khabur terminal to local buyers at USD 35 per barrel with payments made in advance. Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow.","length":252,"tagName":"p"},{"type":"text","content":"“In Kurdistan we are doing a remarkable job keeping up production with minimal investment,” said DNO Executive Chairman Bijan Mossavar-Rahmani. “If a Norwegian company can accomplish this in the Middle East, we should replicate such efficiencies on our home surf whether we operate the permits or not”, he observed. “As we prepare to close the Sval acquisition around midyear,” Mr. Mossavar-Rahmani added, “DNO will piv...