DNO Posts December Production Results for Yemen, Iraq


Tawke area of Iraqi Kurdistan
(Click to Enlarge)

DNO has reported its fourth quarter and December 2008 production together with a summary of ongoing drilling activities.

DNO's production in 2008 was 15,482 bopd, which was 482 bopd above the 2008 guided level of 15,000 bopd. The average realized oil price for the full year was 66 USD/bbl.

In Yemen, the Raoq #1 exploration well has encountered strong indications of hydrocarbons while drilling the Basement section. As a result of these observations an extensive test program will be carried out in the well.

PRODUCTION REPORT

Yemen production

DNO's WI production from Yemen in December was 7,778 down from 8,019 bopd in November. Fourth quarter WI production from Yemen was 8,210 bopd compared to 8,836 bopd in third quarter. Fourth quarter production was lower due to unscheduled maintenance work at the pipeline on block 32 in November, as well as required well workover operations.

The YTD production to DNO from Yemen is 9,330 bopd, which is above the guided level for the full year of 9,000 bopd.

DNO's oil production is reported as follows:

(Bopd)

Q3 2008

Q4 2008

Dec

YTD 2008

Working interest (WI)

8,836

8,210

7,778

9,330

Net entitlement (NE)

5,122

5,344

5,294

5,937

Achieved oil price (USD/bbl)

115

52

36

96

 

The production figures (WI and NE) include crude oil consumed in the operation of the Company's production s facilities, at an accumulated volume of 283 bopd during December 2008 and 329 bopd during fourth quarter.

DNO's revenue entitlement from the Tawke test production

The revenue entitlement from Tawke test production is reported as follows:

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