DNO Posts Record 1Q results

Norway's DNO International reported Monday record first quarter results with operating revenues of $119 million (NOK 712 million) up from $47 million (NOK 281 million) in 1Q 2011. Net profit climbed to $51 million (NOK 307 million) compared with a loss of $19 million (NOK 115 million) a year earlier. 1Q 2012 EBITDA was $95 million (NOK 565 million) – up 285 percent on the previous year.

Production stood at 42,116 barrels of oil equivalent per day on a company working-interest basis in 1Q 2012, up from 39,945 boepd in 1Q 2011. The first quarter production figure includes 6,213 boepd of oil and gas on a company working-interest basis from DNO's newly acquired assets in Block 8 in Oman, representing 15 percent of total group production.
"Of course we are pleased with these results which represent the fourth back-to-back quarter of profitability," said DNO Executive Chairman Bijan Mossavar-Rahmani. "DNO International is a much strengthened company in other respects, too, as we continue to build up our oil and gas reserves and our production capacity by developing existing assets and acquiring new ones."
DNO's 2P/P50 company working-interest reserves continue to grow steadily, it said, reaching 531 million boe at the end of the first quarter 2012, up from 372 million boe at the end of 2011 and 194 million boe at the end of 2010.