DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. It is Norway's oldest oil company and the first to list on the Oslo Stock Exchange in 1981. The company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, and Yemen.

DNO ASA

DNO ASA engages in the exploration, development, and production of oil and gas assets in the Middle East and the North Sea. Its flagship project is the Tawke field that is located in the Kurdistan region of Iraq. As of December 31, 2021, its proven reserves consisted of 196.1 million barrels of oil equivalent (MMboe); proven and probable reserves included 321.4 MMboe; and proven, probable, and possible reserves consisted of 420.6 MMboe. The company was incorporated in 1971 and is headquartered in Oslo, Norway.

DNO ASA is a Norwegian oil and gas operator, focused on the Middle East and North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, Oman, the United Kingdom and Yemen.

DNO initiates share buyback program

DNO ASA, the Norwegian oil and gas operator, today announced the initiation of a share buyback program through which the Company will repurchase up to 53,107,326 shares, representing approximately five percent of total shares outstanding, for a maximum total consideration of USD 80 million.

The full stock exchange announcement can be found on www.dno.no

DNO Reports Strong Third Quarter Results

DNO ASA, the Norwegian oil and gas operator, today reported third quarter operating profit of USD 191 million on revenues of USD 339 million driven by strong production at the flagship Kurdistan Tawke license and continued high oil and gas prices.

In Kurdistan, gross operated production totaled 109,100 barrels of oil per day in the quarter. In the North Sea, net production averaged 14,000 barrels of oil equivalent per day in the quarter. 

In August, DNO announced the Ofelia discovery in the highly prospective Troll-Gjøa area offshore Norway, an area in which the Company holds 12 licenses and has scheduled a six-well exploration program over the next 12 months. 

View the full release and presentation on www.dno.no

DNO closes RAK Petroleum transaction

Oslo 11 October 2022 – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the transaction agreement entered between DNO and RAK Petroleum plc by which the Company will acquire stakes in offshore production of gas and associated liquids in Côte d'Ivoire.

Read more on www.dno.no

DNO Extraordinary General Meeting Approves Share Capital Increase

DNO ASA, the Norwegian oil and gas operator, today held an Extraordinary General Meeting in Oslo at which the proposal to increase the Company’s share capital received near unanimous support of over 99 percent of the votes cast.

The Company will issue 78,943,763 new shares for subscription by RAK Petroleum plc, subject to the fulfilment of certain conditions set out in the transaction agreement entered between DNO and RAK Petroleum by which the Company will acquire assets in West Africa, as referenced in a 22 August 2022 stock exchange announcement.

For more information, please visit www.dno.no

Norway’s oldest oil and gas company makes its presence felt at #ons2022 

Being one of the main partners of the ONS energy conference in Stavanger, DNO kept a high profile at this year’s event. 
During the hectic days from 29 August to 1 September, thousands of visitors convened in the oil town on the west coast of Norway to discuss pressing energy issues in the awareness that the public discourse surrounding the industry is rapidly changing. Rising energy prices coupled with recent geopolitical events have underscored the need to expand the supply of affordable and reliable energy globally.

Would you like to join our team in Oslo?

We are currently searching for a Senior Reservoir Engineer. For details check https://dno.easycruit.com/.

DNO Reports Strong Second Quarter Results, Ups Tawke License Guidance

DNO ASA, the Norwegian oil and gas operator, today reported strong second quarter operational and financial results powered by high oil and gas prices and by solid production in its operated flagship Kurdistan Tawke license. Spurred by quarterly revenue of USD 361 million and free cash flow of USD 167 million, the Company reduced debt and exited the quarter in a positive net cash position for the first time since 2018.

“DNO is committed to put its capital to work in its core competency and capture new opportunities created as peers and even some of the largest European companies scale back spending and focus instead on harvesting,” said Executive Chairman Bijan Mossavar-Rahmani. “We believe in the oil and gas business and in our responsibility to all stakeholders, including host governments who want to capitalize on current prices and consumers who now call for more production, not less,” he added.

View the full stock exchange announcement at www.dno.no

DNO Profits Surge on Back of High Oil and Gas Prices

Oslo, 12 May 2022 – DNO ASA, the Norwegian oil and gas operator, today reported an 84 percent jump in operating profit in the first quarter of 2022 to USD 236 million on the back of high oil and gas prices and solid production performance. Net debt dropped USD 126 million quarter-on-quarter to USD 27 million.

“Oil and gas are back,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani, “and of course, DNO never left.” Operations have continued uninterrupted across the portfolio, notwithstanding the challenges faced by the industry in the past two years. “We’ve remained true to our commitment to develop oil and gas in a cost-effective and responsible way,” he added.

In addition to raising investments in its core business with the additional financial firepower, the Company will now step up to pay down debt and return cash to shareholders, according to Mr. Mossavar-Rahmani.

For more information, please check out www.dno.no.

Would you like to join our team in Oslo?

We are currently searching for a Senior Reservoir Geologist. For details about the vacancy check dno.easycruit.com.

DNO ASA, the Norwegian oil and gas operator, today released its 2021 Annual Report and Accounts including its Country-by-Country Report 2021. Check out www.dno.no

NO:DNO

DNO ASA

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