Highlights for the quarter
This quarter's result reflects our company's higher focus on exploration in all geographical areas. Year to date we have succeeded in doubling our reserves compared to year-end 2003 at low cost. We are pleased to have achieved increased production during the third quarter and we expect further growth in the fourth quarter, says Managing Director of DNO ASA, Helge Eide.
DNO had operating revenues of NOK 314,8 million (NOK 466,6 million) in the third quarter 2004. For the first nine months in 2004 the operating revenues amounted to NOK 1 272,1 (NOK 1 523,9 million). Sale of producing assets is the main reason for the decrease in operating revenues.
DNO achieved an operating profit (EBIT) of NOK 121,0 million (NOK 127,6 million) in the third quarter 2004. For the period ending September 30 2004, the operating profit was NOK 664,5 million (NOK 614,6 million). Included in the operating profit the first nine months is a sales gain of NOK 309,5 million from the sale of assets to Lundin Petroleum AB.
In the third quarter DNO incurred a loss after tax of NOK -96,7 million ( NOK -41,8 million). In the first nine months DNO had a net profit of NOK 187,3 million (NOK 121,8 million).
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