Slide 1: Q3 2023 Interim Results Presentation
Q3 2023 Interim Results Presentation
Slide 2: Q3 2023 summary and post-quarter developments
Q3 2023 summary and post-quarter developments • Third quarter revenue of USD 141 million, up 142 percent from the previous quarter, on higher sales of oil and gas across the portfolio. Operating profit stood at USD 40 million, reversing a loss of USD 15 million in the second quarter • Net quarterly
Slide 3: Work-around Iraq-Türkiye pipeline
Work-around Iraq-Türkiye pipeline • Following closure of the Iraq-Türkiye Pipeline last March, DNO restarted production from its operated Tawke field on 18 July, with gross production from the field totaling 26,000 barrels of oil per day (bopd) during the third quarter (19,500 bopd net to DNO) • Ave
Slide 4: Play-opening discovery in the North Sea
Play-opening discovery in the North Sea • The Q3 Norma gas condensate discovery in the Central North Sea is a play-opener for the deep turbiditic sands in the area given the exceptionally good reservoir quality encountered • Preliminary evaluation of the discovery indicates gross recoverable resourc
Slide 5: North Sea 2023 exploration program
6 North Sea 2023 exploration program Pre-drill Pre-drill Post-drill NORWEGIAN SEA volumes chance of DNO 2023 volumes License Name Type (MMboe gross) success interest Q1 Q2 Q3 Q4 (MMboe) 1 PL923 Røver Sør Exploration 20-50 86% 20% 17-47 2 P827S/248F Heisenberg Exploration 40-100 60% 49/20% 24-84 3 PL
Slide 6: Financial results – key figures
Financial results – key figures Revenues Operating profit Net profit USD million USD million USD million 339 338 269 191 155 141 130 87 58 40 43 -15 -19 -55 -76 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 • Q3 2023 revenue a
Slide 7: Cash flow
Cash flow • Q3 2023 operational cash flow of USD 32 million (USD Q3 2023 cash flow USD million 16 million in Q2 2023); this includes negative contribution from working capital of USD 35 million • North Sea tax refund of USD 27 million received in Q3 2023 (USD 80 million paid in Q2 2023) • Net invest
Slide 8: Capital structure
Capital structure Cash deposits Net cash Equity ratio USD million USD million percent 954 911 818 49 50 50 48 743 46 708 388 344 252 177 142 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Page 8
Slide 9: Looking ahead
Looking ahead • Stronger net production from Kurdistan to date in fourth quarter, driven by higher demand for attractively priced oil from local trading companies • In 2023, North Sea net production is projected to average 13,500 boepd (previously 13,000 boepd) while West Africa is projected to deli
Slide 10: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,
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