Slide 1: Q2 2023 Interim Results Presentation
Q2 2023 Interim Results Presentation
Slide 2: Q2 2023 summary and post-quarter developments
Q2 2023 summary and post-quarter developments • Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at its legacy Tawke field and is currently selling its entitlement share of oil production to local trading compani
Slide 3: In Kurdistan, opening taps at Tawke with local sales
In Kurdistan, opening taps at Tawke with local sales • DNO restarted partial oil production from its operated, legacy Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil • Tawke output currently averaging 40,000 bopd of which one
Slide 4: West Africa assets perform well with further upside potential
West Africa assets perform well with further upside potential • Strong and stable gas production from Côte d’Ivoire’s Block CI-27 (DNO indirect interest of nine percent) since acquisition last year by DNO of a one-third stake in operator Foxtrot International LDC • Q2 2023 gross production averaged
Slide 5: Meanwhile, delivering North Sea growth through exploration
Meanwhile, delivering North Sea growth through exploration • 100 million barrels of oil equivalent (MMboe) discovered net to DNO Discoveries (likely commercial) 2021-2023 offshore Norway since 2021, of which 78 MMboe added in 2023 MMboe net to DNO (midpoint) • Validates strategy of taking meaningful
Slide 6: Carmen largest Norway discovery in a decade
Ofelia Carmen largest Norway discovery in a decade • Recently announced a significant gas and condensate discovery at Carmen in Norwegian North Sea license PL1148 (DNO 30 percent) • Largest discovery since 2013 on the Norwegian Continental Shelf (NCS) with estimated gross recoverable resources of 17
Slide 7: 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 8: Material production growth expected in North Sea
Material production growth expected in North Sea Potential production from current and future fields • Short term growth projected from restart of Trym 1,000 boepd net to DNO (DNO 50 percent and operator) and production 60 start from the Andvare development (DNO 32 percent) in 2024 50 • In the mediu
Slide 9: Financial results – key figures
Financial results – key figures • Q2 2023 changes from previous quarter mainly explained by production shutdown in Kurdistan • North Sea revenue down due to lower sales, partly driven by temporary shutdown of third-party facilities Page 9
Slide 10: Cash flow
Cash flow • Q2 2023 operational cash flow of USD 16 million (USD Q2 2023 cash flow USD million 155 million in Q1 2023) • North Sea tax instalments of USD 80 million paid in Q2 2023 (USD 43 million in Q1 2023) • Net investing activities of USD 76 million (USD 72 million in Q1 2023) consist of USD 73
Slide 11: Capital structure
Capital structure • Reduction in cash deposits in Q2 2023 due to production shutdown in Kurdistan, tax payments in Norway and dividend payment Page 11 • Balance sheet in net cash position remains robust and equity ratio remains unchanged
Slide 12: 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,
Slide 13: Slide 13