Slide 1: Q3 2022 Interim Results Presentation
Q3 2022 Interim Results Presentation
Slide 2: Q3 2022 highlights
Q3 2022 highlights • Continued strong operational and financial results Net production thousand boepd • DNO’s Q3 net production across the portfolio totaled 95,700 boepd, of which Kurdistan contributed 81,700 bopd and the North Sea 95.7 14,000 boepd 92.0 94.2 92.5 91.9 • In Kurdistan, gross operated
Slide 3: Financial results – key figures
Financial results – key figures Revenues Operating profit Net profit USD million USD million USD million 396 361 339 339 253 236 191 140 128 130 81 72 65 65 31 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 • Revenues exceeded
Slide 4: Q3 2022 cash flow
Q3 2022 cash flow • Q3 operational cash flow of USD 276 million (USD 341 Q3 2022 cash flow USD million million in Q2) • North Sea tax instalments of USD 2 million paid in Q3 (USD 25 million in Q2) • Investing activities of USD 113 million (USD 133 million in Q2) consist of USD 90 million in asset in
Slide 5: Capital structure
Capital structure Cash deposits Net cash Equity ratio USD million USD million Percent 46 848 42 801 818 737 252 37 35 33 129 586 -27 -153 -360 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 • At the end of the quarter, gross ca
Slide 6: Looking ahead
Looking ahead 2022 operational spend • Maintaining projected 2022 production for both Tawke license USD million and North Sea; Baeshiqa license ramp-up slower than Capex Expex Opex Abex previously expected 800 • Operational activities executed in line with original business 725 75 plan, but weaker N
Slide 7: North Sea exploration update
North Sea exploration update Page 7
Slide 8: Material stakes in six near-term Troll-Gjøa area exploration wells
Material stakes in six near-term Ofelia discovery Hamlet Troll-Gjøa area exploration wells discovery GJØA FIELD Sche- Pre-drill Chance Well DNO Prospect duled volumes, of status interest drilling MMboe Success ~100 Cuvette Røver Sør Firm Q4 2022 20-50 86% 20% Heisenberg Heisenberg Firm H1 2023 40-10
Slide 9: Strong position in exploration hotspot
Ofelia Strong position in exploration hotspot Hamlet • More than 300 MMboe discovered by the industry in Troll-Gjøa area GJØA since 2019, close to existing infrastructure and with clear routes FIELD VEGA towards commercialization FIELD NOVA FIELD • DNO is one of the largest license holders in the ar
Slide 10: Ofelia: High-quality oil discovery close to Gjøa Field
Ofelia: High-quality oil discovery close to Gjøa Field • Oil and gas discovery in Cretaceous sandstones in a simple dome structure • Evaluating appraisal well in 2023; upside in Agat and Kyrre formations • Likely tieback to Gjøa via recent Hamlet discovery – potential for fast track development Ofel
Slide 11: Kveikje: Play-opener unlocking further exploration drilling
Kveikje: Play-opener unlocking further exploration drilling Kveikje well PL293B PL827S • Proves oil and gas in new play models Heisenberg injectite • Paleocene channel reservoir prospect Gas • Eocene injectite reservoir Eocene injectite Oil reservoirs Gas • Well on Heisenberg injectites scheduled H1
Slide 12: Røver Nord: Classic play, derisking nearby prospects
Røver Nord: Classic play, derisking nearby prospects Røver Nord Røver Nord • 2021 Røver Nord discovery in Classic Brent appraisal well main well Play with reservoir in rotated fault blocks – of A A’ which there are many in Troll-Gjøa area Røver A’ Nord • Following up with drilling of Røver Sør well
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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