Record growth for DNO Oil company driven by Kurdistan

Wednesday, 05 June 2013

DNO International ASA, the Norwegian oil and gas company, released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012.

The comparable figures for yearend 2011 were 371.9, a 40% increase was driven principally by upward revisions at the Tawke field in the Kurdistan Region of Iraq and reserve additions from the merger of RAK Petroleum PCL's operating subsidiaries into DNO International.

"I am hard pressed to name other international exploration and production companies of our size with such a record of year-on-year reserves growth over this period," said Bijan Mossavar-Rahmani, Executive Chairman of DNO International.

The 2012 reserves evaluation and report was prepared by independent petroleum consultants DeGolyer and MacNaughton. DNO International's yearend 2012 proved and probable (CWI) reserves of 520.3 MMboe comprised of 495.4 million barrels (MMbbls) of oil (including condensate and other liquids) and 140.1 billion cubic feet (Bcf) of natural gas.

These volumes represent the Company's commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification.

Proved and probable oil reserves for the Tawke field, adjusting for 2012 production of 16.6 MMbbls, were 722.2 MMbbls, of which 447.7 MMbbls were net to DNO International on a CWI basis. Also in Kurdistan, proved and probable reserves for the Benenan and Bastora oil discoveries on the Erbil license were 42.1 MMbbls as at 31 December 2012, of which 19.6 MMbbls were net to DNO International on a CWI basis.