Dno Asa Class A · OSL:DNO
Dno Asa Class A — Dno Asa Ord — Q4 2024 Earnings Presentation
13 slides from Dno Asa Class A's earnings presentation, Feb 4, 2025
Slide 1: 2024 Interim Results Presentation
2024 Interim Results Presentation
Slide 2: Robust Kurdistan Production, North Sea expansion
Robust Kurdistan Production, North Sea expansion • Total 2024 revenues of USD 667 million Net production thousand boepd • Cash from operations increased nearly 50 percent to USD 433 million year-on-year 77.1 77.4 • Operating profit dropped to USD 6 million as DNO decided to take non-cash impairments
Slide 3: Strengthening North Sea presence
Strengthening North Sea presence • 2024 production of 15,200 boepd (19,000 boepd in Q4 2024) • Q4 2024 increase reflects contributions from 2024 acquisitions, recovery of production in fields following maintenance and Trym field restart • Four ongoing development projects expected online between 202
Slide 4: Othello discovery opens new play in Southern North Sea
Othello discovery opens new play in Southern North Sea • DNO-operated (50 percent) light oil discovery made in Q4 2024 in good Othello Norway quality sands discovery • Resource estimate of 27-57 MMboe; second largest Norwegian Continental shelf (NCS) discovery last year • Play opener in Borr sandsto
Slide 5: North Sea 2025 exploration program
North Sea 2025 exploration program 1 4 Pre-drill Chance volumes of DNO 2025 License Name Type (MMboe) Success* interest Q1 Q2 Q3 Q4 1 PL1119 Mistral S Exploration 21-63 Medium 10% 2 PL1182S Kjøttkake Exploration 22-53 Medium 40% Norway 3 PL1109 Horatio Exploration 32-123 Medium 20% 4 PL586 Vidsyn Ex
Slide 6: Kurdistan operations update
Work in progress Kurdistan operations update • At Tawke license (75 percent and operator), DNO increased gross production from its Tawke and Peshkabir fields by 70 percent year-on-year to 78,600 boepd • 2024 exit rate above 80,000 boepd; disruptions to truck movements in October resulted in lower Q4
Slide 7: Annual financial results
Annual financial results Revenues Operating profit Net profit USD million USD million USD million 1,377 1,004 668 667 615 431 385 321 218 204 19 6 2020 2021 2022 2023 2024 -27 -286 -315 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Page 7
Slide 8: Financial results – detailed summary by quarter and year
Financial results – detailed summary by quarter and year USD million Q4 2024 Q3 2024 Full-Year 2024 Full-Year 2023 Revenues 176.6 170.5 666.8 667.5 Production costs -73.3 -53.4 -224.9 -224.1 Movement in overlift/underlift 3.6 -7.2 2.1 5.6 Depreciation, depletion and amortization -48.9 -41.4 -184.1 -
Slide 9: Cash flow
Cash flow • 2024 operational cash flow of USD 433 million (USD 2024 cash flow USD million 295 million in 2023) • North Sea tax instalments of USD 1 million paid in 433 2024 (USD 90 million in 2023) -1 • Net investing activities of USD 354 million (USD 281 102 899 million in 2023) largely consist of
Slide 10: Capital structure
Capital structure Cash deposits Net cash Equity ratio USD million USD million Percent 954 899 737 719 49 47 477 388 36 35 31 153 99 2020 2021 2022 2023 2024 -153 -473 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 • Exited the year with cash deposits of USD 899 million and net cash of USD 99 mill
Slide 11: Outlook
Outlook Total operational spend • DNO characterized by low-cost production, notably in Kurdistan, robust USD million balance sheet and a positive net cash position 750 • Allows for increased investment in our existing portfolio and new acquisitions 25 • Planned 2025 operational spend ramp up to USD
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,
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