DNO International announced its interim results for the first quarter 2009.
The operating profit (EBIT) in the first quarter amounted to NOK -77 million (NOK 154 million). The cash flow in the period, represented by netback, amounted to NOK -6 million (NOK 232 million).
Net profit in the first quarter ended at NOK 138 million (NOK 62 million) due to a partial impairment reversal on the DETNOR
Capital expenditures for the first quarter were reduced to NOK 77 million compared to NOK 238 million in the same period last year.
"DNO has clearly shown its operational flexibility by acting quickly in response to the recent drop in oil prices. Our long-term
DNO reached an important milestone in the first quarter by completing the Tawke pipeline tie-in to the Northern pipeline system in Iraq, in close co-operation with the Kurdistan Regional Government (KRG) and the North Oil Company (NOC). Furthermore, DNO received formal notice by KRG on May 10, to commence export of crude oil from the Tawke field on June 1, 2009. DNO has been instructed to complete any outstanding work and undertake all necessary preparations to ensure safe and smooth operation on the commencement date.
"We have made strong progress towards our goal of delivering full scale production from the Tawke field, through the pipeline tie-in
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