Slide 1: Q1 2023 Interim Results Presentation
Q1 2023 Interim Results Presentation Photo: Odfjell Drilling
Slide 2: Looking back: Q1 2023 highlights
Looking back: Q1 2023 highlights • Q1 2023 net production across DNO’s portfolio averaged 89,400 barrels of Net production* thousand boepd oil equivalent per day (boepd), of which Kurdistan contributed 70,900 barrels of oil per day (bopd), North Sea 14,800 boepd and West Africa 3,700 boepd 99.3 95.7
Slide 3: Kurdistan spend scaled back following pipeline closure…
Kurdistan spend scaled back following pipeline closure… • Given uncertain timing of export resumption and the Updated 2023 Kurdistan well program delays in payments for previous oil sales, DNO has Rig Q1 Q2 Q3 Q4 scaled back spend; number of active rigs at Tawke license DQE 51 P-6A P-26 to drop from
Slide 4: …while pivot to Norway delivers results
…while pivot to Norway delivers results • During Q1 2023, DNO’s exploration success in the North Sea continued with Røver Sør (DNO 20 percent) and Heisenberg (DNO 49 percent) discoveries • These are DNO’s fourth and fifth consecutive discoveries in Troll-Gjøa area, following the 2021 Røver Nord disc
Slide 5: North Sea 2023 exploration program
7 North Sea 2023 exploration program NORWEGIAN SEA Predrill range Chance of DNO 2023 Post-drill License Name Type (MMboe gross) success interest Q1 Q2 Q3 Q4 (MMboe) 1 PL923 Røver Sør Exploration 20-50 - 20% 17-47 2 P827S/248F Heisenberg Exploration 40-100 - 49/20% 24-84 3 PL1148 Carmen Exploration 2
Slide 6: Financial results – key figures
Financial results – key figures Revenues Operating profit Net profit USD million USD million USD million 361 339 339 338 269 236 191 155 140 130 87 81 72 43 -76 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 • Operating profit
Slide 7: Cash flow
Cash flow • Q1 2023 operational cash flow of USD 155 million (USD Q1 2023 cash flow USD million 230 million in Q4 2022) • North Sea tax instalments of USD 43 million paid in Q1 2023 (USD 18 million net refund in Q4 2022) • Net investing activities of USD 72 million (USD 73 million in Q4 2022) consis
Slide 8: Capital structure
Capital structure Cash deposits Net cash Equity ratio USD million USD million percent 954 911 848 801 818 49 50 46 42 388 344 37 252 129 -27 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 • Reduction in cash deposits and net ca
Slide 9: Looking ahead
Looking ahead • Until export restarts and regularity of payment for past and ongoing oil Operational spend USD million sales is established, DNO cannot provide any projection of full-year 2023 Kurdistan production Capex Expex Opex Abex • Total 2023 operational spend across the Company is currently p
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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