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Today the Company provides an update on production, sales volumes and other
selected information for the quarter.
Volumes (boepd)
Gross operated production Q2 2025 Q1 2025 Q2 2024
Kurdistan 74,760 82,081 79,783
North Sea 5,526 8,864 -
Net entitlement production Q2 2025 Q1 2025 Q2 2024
Kurdistan 18,675 18,464 17,167
North Sea 33,348 19,296 16,321
Sales Q2 2025 Q1 2025 Q2 2024
Kurdistan 18,675 18,464 17,167
North Sea 32,393 17,216 12,871
Equity accounted production (net) Q2 2025 Q1 2025 Q2 2024
Côte d’Ivoire 3,175 3,375 3,256
Selected cash flow items
DNO’s share of oil from the Tawke license during the quarter was sold to local
buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in
advance of loadings and transferred directly into DNO’s international bank
accounts.
In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD
30.2 million), which represents NOK 1.25 per share on an annualized basis.
On 12 June, the transformative acquisition of Sval Energi Group AS was
completed. Upon completion, DNO paid USD 440 million to the seller; this
represents agreed consideration including interest between effective date and
closing, less USD 22.5 million deposit paid in March. Sval Energi’s production
is included in the table above as from June 1, and will be reported together
with its financial results in the Company’s Q2 operating and interim financial
results effective that date. A tax instalment of USD 114 million was made in
June.
On the financing side during the quarter, DNO redeemed the remaining USD 350
million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private
placement of USD 400 million of new subordinated hybrid bonds and borrowed USD
300 million under a one-year bank bridge loan facility. At the end of the second
quarter, there were USD 348 million outstanding under Sval Energi’s prepayment
facilities and DNO Group’s cash deposits stood at USD 788 million. All
outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending
facilities was repaid and not renewed during the quarter.
North Sea exploration
DNO participated in one exploration well on the Norwegian Continental Shelf in
the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent
added following the acquisition of Sval Energi) was spudded on 14 June and was
announced as a discovery in July.
Earnings call login details
Please visit www.dno.no (http://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 Q2 2025 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 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. More information is
available at www.dno.no
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
