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Today, the Company provides an update on production, sales volumes, prices and
other selected information for the quarter.
Volumes (boepd)
Net production Q1 2026 Q4 2025 Q1 2025
North Sea 88,647 88,271 19,296
Kurdistan 39,600 57,951 61,561
West Africa 3,424 3,456 3,375
Sales Q1 2026 Q4 2025 Q1 2025
North Sea 82,936 74,952 17,216
Kurdistan 14,753 20,019 18,464
Gross operated production Q1 2026 Q4 2025 Q1 2025
North Sea 7,145 10,555 8,864
Kurdistan 52,800 77,268 82,081
Realized prices (USD/boe)
North Sea Q1 2026 Q4 2025 Q1 2025
Oil 87.0 63.6 77.9
Gas 81.0 60.5 91.5
NGL 36.2 38.9 49.8
Kurdistan Q1 2026 Q4 2025 Q1 2025
Oil 31.0 31.6 34.7
North Sea
On 16 March 2026, DNO announced a non-cash swap of Norwegian Continental Shelf
assets with Equinor Energy AS covering DNO’s stakes in four non-core discoveries
in exchange for interests in the Kvitebjørn area in the Northern North Sea. The
swap accelerates production from discoveries in DNO’s portfolio.
Post quarter end, DNO announced start-up of the Symra field offshore Norway nine
months ahead of schedule. The field is expected to deliver 4,000-5,000 boepd net
to DNO at plateau.
DNO did not participate in any exploration wells in the quarter, but plans to
drill seven exploration or appraisal wells on the Norwegian Continental Shelf
later this year.
Kurdistan
Two wells drilled in December 2025 and January 2026 were brought on production
in the Tawke field early in the first quarter. But immediately following the
start of the U.S.-Israeli air campaign against Iran on 28 February 2026, DNO
ceased production and drilling in Kurdistan as a temporary safety measure. On 9
April 2026, the Company restarted field operations, including workovers of
existing wells, and relaunched its previously announced eight-well drilling
campaign in preparation for resumption of production from the Tawke and
Peshkabir at stepped up rates.
Selected cash flow items
DNO’s net entitlement production of oil from the Tawke license during the
quarter was sold to a local buyer. All payments continued to be received by the
Company in advance of oil deliveries.
In the first quarter, DNO paid a dividend of NOK 0.375 per share (totaling USD
38.5 million), which represents NOK 1.50 per share on an annualized basis. DNO
also paid taxes totaling USD 64 million in Norway related to installments for
taxable profit for 2025.
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 Q1 2026 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 North Sea, the Middle
East and West Africa. Founded in 1971, DNO is Norway’s oldest oil company and
the first to list on the Oslo Stock Exchange in 1981. The Company holds stakes
in onshore and offshore licenses at various stages of exploration, development
and production in Norway, the Kurdistan region of Iraq, the United Kingdom, Côte
d’Ivoire 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
