DNO Reports 2nd Quarter Results

DNO achieved an operating profit of NOK 205.5 million and a net profit of NOK 108.9 million in second quarter. The company completed the sale of parts of its operations to Lundin Petroleum AB in the second quarter. Gain from the sale and strong results from the remaining petroleum operations contributed to a quarter of continued positive development for DNO.

Highlights from second quarter 2004

  • Net profit of NOK 100 million from sale of Norwegian assets
  • High exploration activity in all areas of operation
  • The company's position in Yemen is further strengthened through a new operatorship (Block 44), award of a new license in Block 72 and increased ownership share in Block 43
  • Further reduction of total operating expenses, including further reduction of lifting costs per barrel
  • Improved capacity and expertise as a result of organizational restructuring and recruitment of new personnel

  • "We have completed another quarter of good results. Profits have been affected favourably by the sale of part of our operations to Lundin Petroleum, but we are also very pleased with the development in the Group's remaining operations. We expect the company to continue to achieve good operational and financial results in the second half of the year", said DNO's CEO, Helge Eide.

    DNO had operating revenues of NOK 278,6 million in Q2, compared to NOK 477,6 million in the corresponding period last year. For the first six months of the year, DNO had operating revenues of NOK 647,8 million compared to NOK 1 057,3 million in the first half of 2003. Sale of assets and lower production are the main reasons contributing to the reduction in revenues.

    The company had an operating profit (EBIT) of NOK 203,5 million in Q2, compared to NOK 210,9 million in Q2 2003. For the first six months DNO had an operating profit of NOK 543,5 million, compared to NOK 487,0 million in the same period last year. Gain on sale of assets of NOK 309,5 million is included in the operating profit for the first six months 2004.

    DNO achieved net profits of NOK 108,9 million in Q2, against NOK 55,7 million in the same period 2003. For the first six months the company had net profits of NOK 284,1 million compared to NOK 163, 6 million in the first six months last year.


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