DNO ASA: DNO Reports Solid First Half 2019 Results, Record Activity

08:00
Oslo, 31 July 2019 - DNO ASA, the Norwegian oil and gas operator, today
announced solid first half 2019 financial and operating results as the
Company continued to deliver the largest drilling program in its 48-year
history. H1 2019 revenue totalled USD 470 million, up 62 percent from the
same period last year, while net profit doubled to USD 119 million.

DNOs Company Working Interest (CWI) production averaged 107,100 barrels of
oil equivalent per day (boepd) in H1 2019, up 39 percent from H1 2018,
reflecting strong contributions from its fields in the Kurdistan region of
Iraq (89,300 barrels of oil per day or bopd) as well as from its recently
acquired North Sea assets (17,800 boepd).

In Kurdistan, H1 2019 gross production at the Tawke license containing the
DNO-operated Tawke and Peshkabir fields (shared 75-25 with Genel Energy
plc) averaged 126,700 bopd, up 20 percent from H1 2018. In H1 2019, Tawke
contributed 71,700 bopd and Peshkabir 55,000 bopd.

Some 36 wells are planned in 2019 of which 23 are development/infill wells
and 13 exploration/appraisal wells. DNO projects full-year operational
spend of USD 680 million, split evenly between its core areas in Kurdistan
and the North Sea.

In addition to 15 wells spud in the first half of the year across the
portfolio, plans for the second half include 12 wells at Tawke and three at
Peshkabir, now the second largest operated field by an international oil
company in Kurdistan after Tawke. Also in Kurdistan, two wells have been
drilled and completed in the DNO-operated Baeshiqa license with the deeper
well to be tested beginning in August.

Elsewhere, the Company continues to pursue an active North Sea strategy
with plans to drill six more wells in the second half of the year in
addition to the nine spud in the first half. Also, DNO was recently awarded
as operator two new exploration licences in the United Kingdom.

DNO exited the second quarter with a cash balance of USD 574million in
addition to USD 94 million in treasury shares and marketable securities.



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