DNO provides update ahead of Q1 2025 operating and interim financial results

DNO, the Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa, has provided an update on production, sales volumes and other selected information for the quarter, ahead of publishing its Q1 2025 operating and interim financial results on 15 May. 

Volumes (boepd) 

Selected cash flow items

DNO’s share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments are made in advance of loadings with the vast majority transferred directly into DNO’s international bank accounts.

In the first quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 27.4 million), which represents NOK 1.25 per share on an annualized basis. The Company had no tax payments or refunds during the quarter.

In early March, DNO announced the transformative acquisition of Sval Energi Group AS and DNO subsequently paid a deposit of USD 22.5 million to the seller. The transaction is expected to be completed mid-year 2025.

Also in March, DNO completed the private placement of USD 600 million of new five-year senior unsecured bonds. The early redemption of another bond, DNO04 (originally maturing in 2026), was completed on 10 April and did not impact the Q1 2025 cash flow.

North Sea exploration

DNO participated in two discoveries on the Norwegian Continental Shelf in the quarter, with combined recoverable resources of 26 million barrels of oil equivalent net to DNO (mid-points of ranges). The Mistral well in PL1119 (10 percent interest) was spudded on 22 December and completed on 25 March, and the operated Kjøttkake well (including a sidetrack) in PL1182 S (40 percent interest) was spudded on 26 January and completed on 27 March. A third well, Horatio in PL1109 (20 percent interest), was spudded on 5 February, completed on 22 March, and was dry.

Original announcement link

Source: DNO