Slide 1: Interim Presentation First Quarter 2017
Interim Presentation First Quarter 2017
Slide 2: Corporate overview and operational highlights
Corporate overview and operational highlights Page 2 4 May 2017
Slide 3: Corporate overview – Q1 2017 and year-to-date
Corporate overview – Q1 2017 and year-to-date • Kicked off year with strong revenues, positive cash flow and net profit • Outstanding balance for 2016 Tawke oil exports received in Q1 2017 • With regular payments, stepped up Kurdistan drilling program • Strengthened balance sheet, exiting the quarte
Slide 4: Q1 2017 operational highlights
Q1 2017 operational highlights • Operated production in Q1 2017 averaged 115,900 barrels of oil equivalent per day (boepd), on par with Q4 2016 production (97,000 boepd in Q1 2016) • Of which Kurdistan represented 111,000 bopd and Oman 4,900 boepd • Company Working Interest (CWI) production averaged
Slide 5: Q1 2017 financial highlights
Q1 2017 financial highlights • Q1 2017 revenues of USD 77 million, up from USD 42 million during previous quarter (USD 50 million in Q1 2016) • Represented highest quarterly revenues since Q4 2014 • Received four Tawke export payments totaling USD 127 million gross, of which USD 89 million net to DN
Slide 6: Stepped up Tawke drilling in 2017
Stepped up Tawke drilling in 2017 • Mobilizing third rig to drill four new Cretaceous production wells at Tawke as part of expanded drilling program • Revised 2017 Tawke drilling program includes six Cretaceous wells and two shallow Jeribe wells • Initiated Tawke-35 Cretaceous well production in lat
Slide 7: Other operations
Other operations • Following extended testing of Jurassic horizon of Peshkabir-2 well, preparing same in shallower Cretaceous discovery • During two-week Jurassic test in April, around 3,000 bopd trucked to DNO’s facility at Fish Khabur and exported • Plan to spud new Peshkabir-3 appraisal/productio
Slide 8: 2017 drilling schedule
2017 drilling schedule Well 2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Peshkabir-2 (exploration/appraisal) Tawke-35 (Cretaceous producer) Tawke-42 (Cretaceous producer) Peshkabir-3 (appraisal/producer) Hawler-1A (appraisal/producer) Tawke-41 (Cretaceous producer) Tawke-43 (Cretaceous produ
Slide 9: Financial review
Financial review Page 9 4 May 2017
Slide 10: DNO financial results – key figures
DNO financial results – key figures Revenue Netback Operating profit USD million USD million USD million 90 70 40 80 77 28 60 30 55 70 20 16 52 50 60 9 10 8 50 49 50 40 42 0 40 30 25 26 26 -10 30 20 13 -20 20 10 -30 10 -28 0 0 -40 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017
Slide 11: Financial summary
Financial summary USD million Q1 2017 Q4 2016 Q1 2016 2016 Revenue 76.7 41.7 49.6 201.8 Cost of goods sold -30.0 -36.9 -30.7 -128.7 Gross profit 46.7 4.8 18.9 73.1 Expensed exploration -1.6 -1.3 -3.5 -20.3 Administrative expenses -5.0 -9.4 -6.8 -31.0 Other operating income/expenses -1.7 11.5 -0.6 13
Slide 12: Capital structure
Capital structure Cash deposits Financial assets Equity ratio USD million USD million Percent 400 40 60 363 350 35 50 300 30 43 44 43 262 266 261 41 40 249 25 40 250 25 22 22 20 20 200 20 30 150 15 20 100 10 10 50 5 0 0 0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 2016 201
Slide 13: 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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