Press

DNO Flows Peshkabir-3 Well, Reports Strong Third Quarter Results


Oslo, 9 November 2017 - DNO ASA, the Norwegian oil and gas operator, today announced flow rates of more than 3,000 barrels of oil per day (bopd) from the first zone tested in the Peshkabir-3 well in the Kurdistan region of Iraq. Nine other oil zones and one gas zone have been identified for testing in a 1.2 kilometer horizontal section of Cretaceous and Jurassic reservoir.

The Company has fast tracked the development of the field and an early production facility will be commissioned by year-end. The previously drilled Peshkabir-2 well has produced at a steady rate of 4,700 bopd since May and comingled with over 100,000 bopd from the adjacent Tawke field for export. DNO's operations in Kurdistan continue uninterrupted.

DNO is the most active driller in Kurdistan with three rigs deployed and 15 wells in 2017 across three operated fields in various stages of production, development and appraisal. Most recently, the Company spud the Hawler-1A multilateral well in October to appraise the Benenan heavy oil field in the Erbil license.

The Company has received year-to-date export payments totaling USD 297 million net to DNO, up from USD 210 million during the full-year 2016. With continuing export payments, DNO will step up investments in Kurdistan in 2018.

The Company today released its third quarter operating and financial update, reporting an operating profit of USD 469 million during the quarter. This follows recognition of USD 556 million as other income following the receivables settlement agreement with the Kurdistan Regional Government in August 2017.

Pursuant to the agreement, DNO was assigned an additional 20 percent in the Tawke license, bringing the Company's operated stake to 75 percent. Partner Genel Energy plc holds the remaining 25 percent interest.

DNO's cash balance stood at USD 399 million at the end of the third quarter, up from USD 261 million at end-2016. With the strengthening of its balance sheet, the Company's equity ratio has increased to 60 percent.

DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North Africa region and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, Oman, Somaliland, Tunisia, Yemen and the United Kingdom.


Visit source site

dno.no/en/investor-relations/announcements/

DNONorwayWell UpdateIraqKurdistanOilgas

More items from oilvoice


Merger in Energy Efficiency Sector Creates Strategic Opportunities

With the rising cost of energy and greater interest in reducing CO2 emissions, retrofitting existing equipment has gained momentum, and an impending merger can provide a more comprehensive approach. A number of companies have arisen to service the market, including Smartcool Systems Inc. (S ...

OilVoice Press - OilVoice


Posted 44 minutes agoOpinion > mergerStreetwise ReportsEnergy +1

ENGIE to Continue Expanding Decentralised Energy Offering Following Year of Successes

ENGIE to champion decentralised energy at upcoming Africa Energy Forum    Mauritius, 19 June 2018 – Global utility ENGIE is confirming its focus on off-grid energy provision in Africa, with plans to continue expanding their solar home system (SHS) and mini-grid activities. ENGIE is launchin ...

OilVoice Press - OilVoice


Posted 6 hours agoPress > ENGIEEnergyAfrica Energy Forum +1

FACTBOX: Venezuela's Near Collapse Takes Toll On Oil Industry

Venezuela's near economic collapse has taken a toll on the country's oil production, causing shifts in oil flows as buyers look to secure alternative supplies. As workers have fled the country, state-owned oil company PDVSA has had a difficult time maintaining crude output, let alone boosting prod ...

OilVoice Press - OilVoice


Posted 6 hours agoOpinion > S&P Global PlattsVenezeulaOil +5

Bass Oil: Onshore Indonesian Oil Operations Update – May 2018

Highlights New multi-year high monthly average oil price of US$70.51 realised from sales from theCompany's 100%-owned Tangai-Sukananti oil field in onshore Sumatra, Indonesia 9% higher total May production of 18,500 barrels of oil (JV share) or 10,175 barrels (net to Bass) May oil sa ...

OilVoice Press - OilVoice


Posted 6 hours agoPress > Bass OilonshoreIndonesia +4

Adoption of Autonomous Vehicles Could Increase U.S. Transportation Energy Consumption

Source: U.S. Energy Information Administration, Annual Energy Outlook 2018 Autonomous Vehicles: Uncertainties and Energy Implications Autonomous vehicles are one of the main sources of uncertainty in the future of U.S. transportation energy consumption, as autonomous vehicle technology has ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesUSEIA +3
All posts from oilvoice