DNO Sees Strong 3Q05 Results
DNO says successful implementation of its strategy has contributed to continued strong operational and financial achievements in 2005. Year to date production was approximately 14.000 BOPD, up 5% from last year. A reserve growth of nearly 160% is a strong indicator of the potential in DNO's risk balanced portfolio of licenses.
In the third quarter of 2005 the company's sales increased to NOK 432,2 mill. (NOK 301 mill.). Operating profit for the third quarter increased to NOK 240,4 mill. (NOK 126,7 mill) and net profit was NOK 8.4 mill. (-92.7 mill.).
The year to date sales increased to NOK 1 050,8 mill. (NOK 794,7 mill.) giving an operating profit of NOK 620.6 mill. (356.9 mill.) and a net profit is NOK 128.5 mill. (NOK 32.8 mill).
The company's strong financial position has allowed for additional values to be returned to shareholders through two dividend payments in 2005.
- Our operations developed favorably also through the third quarter. Going forward we will maintain focus one transforming resources to reserves. This shall be achieved through continued high drilling activity in Yemen, commencement of drilling in Northern Iraq and increased exploration drilling in the North Sea.
- Further strengthening of the financial results from the beginning of 2006 should be expected as a consequence of increased production and that we again will receive full value of our production after expiry of current oil price hedges, says Managing Director of DNO ASA, Helge Eide.
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