DNO International Boosts P50 Reserves by 10.8MM BOE

DNO International ASA ("DNO") today files the disclosure for hydrocarbon reserves as of December 31, 2008 in accordance with Oslo Stock Exchange Circular no 2/2007.

The total remaining P50 reserves for DNO as of Dec. 31 are estimated at 162.6 million barrels of oil equivalents. This is an increase of 10.8 million barrels compared to the year before (151.8 million barrels). Including P50 associated reserves of 11.1 million barrels the total figure at Dec. 31 is 173.7 million barrels of oil equivalents, which is an increase of 19 million barrels compared to the year before (154.7 million barrels). The volumes correspond to commercial reserves, class 1-3.

In addition, 2.7 million barrels are estimated as contingent resources in class 4-5 and 15.5 million barrels are included as associated contingent resources in class 4-5.

In summary, the estimate for P50 reserves and contingent resources (class 1-5) for DNO as of 31.12.2008 are 191.9 million barrels of oil equivalents, which is an increase of 7.2 million barrels from previous year (184.7 million barrels)

Resources under evaluation (class 7) are estimated at 13.1 million barrels in oil equivalents. In addition the Company holds 13.5 million barrels of oil equivalents in associated class 7 resources. The ASR report does not include class 7 resources. With inclusion of these volumes, total P50 class 1-7 reserves and resources as of Dec. 31 are estimated at 218.5 million barrels of oil equivalents, an increase of 14 million barrels compared to the year before ( 204.5 million barrel)

Helge Eide, Managing Director said, "We are pleased to note that we continued to deliver increased reserves and resources to DNO in 2008. As result of successful infill and delineation drilling in Yemen we were able to replace all produced reserves from this region in 2008. We hope that the ongoing evaluations of our current discoveries together with the selected exploration efforts going forward will continue to add new reserves and resources to the Company also in 2009."

 

 

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