DNO Kurdistan Production Continues to Climb
19 Dezember 2023 - 7:00AM
DNO Kurdistan Production Continues to Climb
Oslo, 19 December 2023 – DNO ASA, the Norwegian oil and gas
operator, today announced that gross production from its operated
Tawke license in the Kurdistan region of Iraq continues to climb,
with the December to date average approaching 90,000 barrels of oil
per day (bopd).
That lifts the projected fourth quarter 2023 figure to 65,000
bopd, up from 26,000 bopd in the third quarter and zero production
in the second quarter, following closure of the Iraq-Türkiye
Pipeline in March 2023.
Of the total Tawke license production, close to 40 percent
represents the Company’s current entitlement share, which is sold
to local buyers at prices in the low to mid-USD 30s per barrel. All
such sales are conditional on advance payment in US dollars to DNO
to eliminate any risk of arrears build up.
In addition to stepping up local sales, DNO has reduced costs
materially since the pipeline closure, with operational spend in
the Tawke license averaging some 65 percent below the pre-export
shutdown level. The Tawke license holds the legacy Tawke field in
production since 2007 and the Peshkabir field in production since
2017. Both fields were developed and put in production less than
two years following discovery.
“These are resilient fields and DNO is a resilient company,”
said DNO Executive Chairman Bijan Mossavar-Rahmani. “Even with
local sales prices as low as half of those realized from export
sales through Türkiye, strong production generates material free
cash flow for DNO,” he added.
“We remain confident that the latest challenges facing DNO and
the other international oil companies will be resolved once again
and we remain committed to growing our business in Kurdistan as we
have over the past two decades,” Mr. Mossavar-Rahmani said. “And
that is notwithstanding a pivot to Norway where we have been
reporting exploration discovery after discovery over the past two
to three years.”
DNO is planning to drill another well in the Baeshiqa license in
Kurdistan in 2024 following a discovery made in 2019.
DNO operates and has a 75 percent stake in the Tawke license
with partner Genel Energy International Limited holding the
balance. In the Baeshiqa license, DNO holds a 64 percent operated
interest (80 percent paying interest) with partners Turkish Energy
Company Limited holding a 16 percent interest (20 percent paying
interest) and the Kurdistan Regional Government holding a 20
percent carried interest.
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For further information, please
contact:Media: media@dno.noInvestors: investor.relations@dno.no
–
DNO ASA is a Norwegian oil and gas operator active in the Middle
East, the North Sea and West Africa. 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, the United
Kingdom, Côte d’Ivoire, Netherlands and Yemen.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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