Equities

DNO

NO0003921009

Oil & Gas Exploration and Production

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-04-19 am EDT			5-day change	1st Jan Change
10.48 ^NOK	-0.76%		-6.01%	+4.07%

Apr. 08	Correction: DNO Commits to Develop Brasse Oil Project in Norway	MT
Apr. 08	DNO Commits to Develop Brasse Oil Project in Norway	MT

DNO : Q2 2022 Interim Results Presentation

August 11, 2022 at 04:31 am EDT

Q2 2022 Interim Results Presentation

Q2 2022 highlights

Strong operational and financial results and cash flow powered by high oil and gas prices
Exited quarter in net cash position for first time since 2018
Solid operated production in flagship Kurdistan Tawke license as natural field decline arrested and reversed, including at Tawke field
Commenced trucking of production in mid-June from the Zartik-1 discovery well in the operated Baeshiqa license for export
In the North Sea, operated Brasse field development progressed into front end engineering and design phase ahead of planned project sanction by yearend 2022

Net production

thousand boepd

92,630	91,980	94,175	92,549	91,937


Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
		Middle East	North Sea

Page 2

Financial results - key figures

Revenues	Operating profit
USD million	USD million

396

361

339

253	236

184

128

Net profit

USD million

140

61 65

57	65	72


	31

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

High revenue driven by operational performance and strong oil and gas prices
Operating profit lowered by impairments of USD 127 million and exploration expenses of USD 48 million
Tax income enhances net profit

Page 3

Q2 2022 cash flow

Operational cash flow of USD 341 million in Q2 2022 (USD 276 million in Q1 2022)
North Sea tax instalments of net USD 25 million paid in Q2 2022 (USD 12 million in Q1 2022)
Investment activities of USD 134 million (USD 95 million in Q1 2022) consist of USD 114 million in asset investments and USD 20 million in decommissioning
Net cash outflows from financing activities of USD 230 million (USD 57 million in Q1 2022) driven by debt repayment of USD 203 million (buyback and partial redemption of bonds)
Free cash flow of USD 167 million in Q2 2022 (USD 152 million in Q1 2022)

Q2 2022 cash flow

USD million

Page 4

Capital structure

Cash deposits	Net debt
USD million	USD million

Equity ratio

Percent

848

801

737

396

586

454

360

153

34 33 35

-129

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Balance sheet strengthened, with strong cash position providing financial flexibility
Company in a net cash position for the first time since 2018
Equity ratio increased primarily due to debt reduction

Page 5

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DNO ASA published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 08:30:04 UTC.

Latest news about DNO ASA

Correction: DNO Commits to Develop Brasse Oil Project in Norway	Apr. 08	MT
DNO Commits to Develop Brasse Oil Project in Norway	Apr. 08	MT
DNO ASA Announces Kurdistan Operations Recover Rapidly from Torrential Flooding	Apr. 04	CI
DNO Completes Appraisal Well at Norwegian License Held in Partnership With Equinor	Mar. 21	MT
DNO ASA Announces Completion of an Appraisal Well and Sidetrack	Mar. 21	CI
Transcript : DNO ASA, Q4 2023 Earnings Call, Feb 08, 2024	Feb. 08
DNO ASA Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Feb. 08	CI
DNO ASA Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 08	CI
DNO ASA Approves Dividend, Payable on or About 26 February 2024	Feb. 08	CI
DNO to Buy 25% of Shell-operated Gas Field on UK Continental Shelf	Feb. 07	MT
DNO ASA Announces its DNO Exploration UK Limited Enters into Agreement to Acquire 25% Interest in Arran Field on UK Continental Shelf	Feb. 06	CI
Longboat Energy awarded stake in Norwegian licence	Jan. 17	AN
Longboat Energy JV Wins Norway License with Equinor, DNO	Jan. 17	MT
DNO Wins 14 New Exploration License Awards in Norway	Jan. 16	MT
DNO ASA Reports Sales Results for the Fourth Quarter of 2023	Jan. 15	CI
DNO ASA Reports Operating Results for the Fourth Quarter of 2023	Jan. 15	CI
Norway's DNO to Fully Redeem Bond Early	Jan. 05	MT
DNO ASA Announces Full Redemption of Bond DNO03	Jan. 04	CI
Norwegian November gas output beats forecasts while oil lags	Dec. 20	RE
Norway's DNO Boosts Output of Tawke Oilfield in Iraq	Dec. 19	MT
DNO Says Second Appraisal Well on Norwegian Sea Discoveries Completed	Dec. 13	MT
DNO ASA Announces Successful Completion of the Second Appraisal Well on the Bergknapp/re Discovery in License PL836S in the Norwegian Sea	Dec. 13	CI
Norway oil and gas investments set to soar in 2024, industry says	Dec. 13	RE
DNO Reports Gas Discovery in Norwegian North Sea	Dec. 12	MT
DNO Announces Successful Ofelia Appraisal and New Kyrre Discovery	Dec. 12	CI

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Company Profile

DNO ASA is a Norway-based oil and gas exploration and production company. It is engaged in the acquisition, develop-ment and operation of oil and gas properties. Its activities are primarily undertaken in the Middle East and the North Afri-can (MENA) region. It holds stakes in oil and gas blocks in various stages of exploration, development and production both onshore and offshore in the Kurdistan region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland. The Company operates through its head office in Oslo, and a network of offices throughout the MENA region. Its subsidiaries include DNO Yemen AS, DNO UK Ltd, DNO Invest AS, DNO Tunisia AS, DNO Iraq AS, and DNO Mena AS.

Sector

Oil & Gas Exploration and Production

Calendar

2024-05-07 - Q1 2024 Earnings Call

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Income Statement Evolution

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Ratings for DNO ASA

Trading Rating

Investor Rating

ESG Refinitiv

C-

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.48 NOK

Average target price

14 NOK

Spread / Average Target

+33.59%

Consensus

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Estimates Revisions

Quarterly earnings - Rate of surprise

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