The progress continues for DNO


With yet another good quarterly result  this year, the oil company DNO will start  extensive exploratory drilling in Iraq.

The company revenues increased by $ 6.4 million to 61.2 million in the second quarter this year compared with the same period last year.The operating profit was a solid $ 16.2 million, a sharp improvement from a deficit of 23.3 million in the second quarter last year.

The company has announced that they will begin a comprehensive exploration project on Tawke field in the Kurdish region of Iraq. A total of five wells was drilled during the second half.

The company produced an average of 122,000 barrels of oil or its equivalents per day in the second quarter, an increase of 27 percent from the second quarter last year. The company states that Tawke field accounted for  117,000 barrels a day, and almost all were exported to the price of 34 dollars per barrel.

– The resumption of regular and predictable export earnings paves the way for new investments at tawke and other fields. We can extract even greater values from Kurdistan, chairman Bijan Mossavar-Rahmani says.


Source: NTB scanpix / Norway Today