DNO Announces Interim 4Q and Full Year 2004 Results



DNO achieved an operating profit of NOK 250.2 million and a net profit of NOK 14.8 million in the fourth quarter. For the full year 2004, DNO achieved an operating profit of NOK 914.7 million and a net profit of NOK 202.2 million.

Highlights for the fourth quarter and full year 2004

  • Transformed portfolio, increased focus on core business and significant value returned to shareholders


  • Doubled reserves from 14 to 28 mill. bbls. at less than USD 3.5/bbl


  • Delivered annual production of 14.000 bbls per day (continued), 27% above target


  • Increase in production and revenues following successful drilling programme in Yemen.


  • Four new licenses on the Norwegian Continental Shelf awarded to DNO in December 2004.


  • Submission of Nabrajah Field Development Plan to Yemeni authorities for approval.


  • We are pleased to have further increased the production in the fourth quarter. On an annual basis DNO has delivered an annual average production per day significantly above our target for 2004. The results for 2004 reflect our company's higher focus on exploration, says Managing Director of DNO ASA, Helge Eide.

    DNO had operating revenues of NOK 347.8 million (NOK 484.7 million) in the fourth quarter 2004. For the full year the operating revenues amounted to NOK 1 310.4 (NOK 2 008.6 million). Sale of producing assets is the main reason for the decrease in operating revenues.

    DNO achieved an operating profit (EBIT) of NOK 250.2 million (NOK 140.7 million) in the fourth quarter 2004. For the full year, the operating profit was NOK 914.7 million (NOK 755.3 million). Included in the operating profit the full year is a sales gain of NOK 359.0 million from the sale of assets to Lundin Petroleum AB.

    In the fourth quarter DNO had a net profit of NOK 14.8 million (NOK 12.3 million). For the full year DNO had a net profit of NOK 202.2 million (NOK 134.1 million).

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