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    DNO   NO0003921009

DNO ASA

(DNO)
  Report
Real-time Quote. Real-time Oslo Bors - 12/06 10:25:05 am
10.845 NOK   -0.05%
11/19Norway's oil and gas output exceeded forecast in October
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11/19Norway's oil and gas output exceeded forecast in October
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DNO : Q3 2021 Trading Update and Invitation to Earnings Call

10/14/2021 | 01:00am EST

Oslo, 14 October 2021 – DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2021 operating and interim financial results on Thursday, 4 November 2021. The Company today issued an update on production and sales volumes for the quarter, as well as other key financial information that will be further discussed on the Q3 2021 Earnings Call.


Volumes (boepd)

Gross operated productionQ3 2021Q2 2021Q3 2020
Kurdistan105,179110,304113,742
North Sea
    
Net entitlement productionQ3 2021Q2 2021Q3 2020
Kurdistan26,74927,66130,674
North Sea13,1029,93917,690
    
SalesQ3 2021Q2 2021Q3 2020
Kurdistan26,74927,66130,674
North Sea14,6537,28522,184


Cash flows and financial items

In Q3 2021, DNO received USD 120.1 million net from the Kurdistan Regional Government (KRG), of which USD 88.2 million represents the entitlement share of May and June 2021 Tawke license crude oil deliveries. Of the balance, USD 11.4 million represents override payments equivalent to three percent of gross May and June 2021 Tawke license revenues and USD 20.5 million represents payments towards arrears built up from non-payment of certain invoices in 2019 and 2020.

In Q3 2021, DNO received tax refunds of USD 36.8 million in Norway in relation to tax losses in 2021.

Last quarter, DNO completed the placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent, of which USD 300 million was used to buy back and redeem the DNO02 bond. The buyback and redemption were both priced at 103.5 percent of par value, plus accrued and unpaid interest.


Exploration

DNO participated in three exploration or appraisal wells on the Norwegian Continental Shelf. The Bergknapp appraisal program in PL 836S (30 percent working interest) resulted in an upgrade of the recoverable resource estimate, while the Black Vulture appraisal well in PL 159B (20 percent working interest) did not encounter hydrocarbons. The Gomez well in PL006C (65 percent working interest) encountered hydrocarbons, but there is uncertainty whether the reservoir can be commercially produced.


Earnings call

The Company will publish its Q3 2021 operating and interim financial results on 4 November 2021 at 07:00 (CET). A videoconference call with executive management will follow at 15:00 (CET). Please visit www.dno.no for login details ahead of the call.


Disclaimer

The information contained in this release is based on a preliminary assessment of the Company’s Q3 2021 operating and interim financial results and may be subject to change.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

DNO ASA is a Norwegian oil and gas operator focused on the Middle East 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, the United Kingdom, Netherlands, Ireland and Yemen.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


© OMX, source GlobeNewswire - EU Press Releases

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Financials
Sales 2021 7 679 M 844 M 844 M
Net income 2021 1 672 M 184 M 184 M
Net Debt 2021 1 731 M 190 M 190 M
P/E ratio 2021 6,19x
Yield 2021 1,71%
Capitalization 10 579 M 1 160 M 1 163 M
EV / Sales 2021 1,60x
EV / Sales 2022 1,24x
Nbr of Employees 1 257
Free-Float 54,0%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 10,85 NOK
Average target price 12,33 NOK
Spread / Average Target 13,6%
EPS Revisions
Managers and Directors
Bjorn Kenneth Dale Managing Director
Haakon Sandborg Chief Financial Officer
Bijan Mossavar-Rahmani Executive Chairman
Christopher Thomas Hyde Spencer Chief Operating Officer
Gunnar Hirsti Director
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