DNO International Q3 2012 Presentation 15 November 2012
DNO International A MENA focused exploration and production company 2P reserves (CWI) Kurdistan (Iraq) Tunisia 600 500 400 300 200 United Arab Emirates 100 0 2009 2010 2011 2012 Oman 2012 reserves as per 31 March…
Q3 2012: Operational and financial highlights Company Working Interest Production up 80 percent from previous quarter to 41,545 boepd (36,773 boepd) Net profit of NOK 98 million (NOK 317 million) on revenues of NOK 541 million (NOK…
All time high production volumes in September 2012 100,000 Gross CWI NE 90,000 80,000 70,000 60,000 boepd 50,000 40,000 30,000 20,000 10,000 0 Jan 12 Feb 12 Mar 12 Apr 12 May 12 June 12 July 12 Aug 12…
Key numbers Q3 2012 compared with Q3 2011 600 541 500 400 Q3 2011 317* Q3 2012 300 267 242 200 152 98 100 58 45 8 0 Operating revenue EBITDA Net profit Netback * Net profit in Q3 2011 included NOK 259 million…
Kurdistan Significant growth ahead Four rigs currently in operation Building Tawke production capacity to 100,000 bopd by year-end Benenan and Bastora development underway Declaration of commerciality submitted for Summail Peshkabir…
Three rigs in operation at Tawke field Tawke-14A Tawke-17 Tawke-19 Tawke-18 The DQO32 rig drilling Tawke-17 Q3 2012 Presentation 7
Tawke-18 Completed as a Cretaceous producer Primary objective to increase Cretaceous production Tawke-14A Tawke-17 Tawke-19 capacity from the Tawke Field achieved Lower prospective Cretaceous not reached as rig was moved to drill…
Tawke-19 Cretaceous producer Tawke-19 is targeting the central north flank of the field and is designed as a Cretaceous producer The main Cretaceous target reached; currently drilling ahead Tawke-14A Tawke-17 Tawke-19…
Tawke-14A (side-track) Cretaceous producer Tawke-14 was drilled as a producer on the Tawke North Flank, but missed the main Cretaceous producing interval T-14A is a sidetrack from T-14, and has successfully reached TD in the…
Tawke-17 A combined exploration and production well Primary objective to test the deeper prospective resources of Jurassic and Triassic Secondary well objective is to add Cretaceous production capacity from the Tawke Field Currently…
Benenan-3 A combined appraisal and production well Benenan-3 initiated the Benenan and Bastora field development The well was originally planned to be a horizontal producer in the Upper Najmeh reservoir The pilot well encountered…
Oman offshore operations Resumed Block 8 production early in September following pipeline repair Two of the three development wells completed and tied back: West Bukha-4 West Bukha-5 Bukha-4 to commence drilling in December…
West Bukha-4 A long step out from the field centre West Bukha-4 has successfully appraised the SE part of the West Bukha Field and was drilled to 6,000 meters (MD) The well as been completed as a near horizontal producer in the…
West Bukha-5 A horizontal designed producer A West Bukha-5 was drilled as a horizontal well at the top of Thamama Flowed in excess of 1,000 barrels of oil per day from an initial test Currently being acidized to improve…
Oman onshore Several small gas discoveries in Block 30 Maturing the Al Jariya prospect for possible drilling in 2013 Pursuing new acreage through license rounds ALJARIYA Prospect Q3 2012 Presentation 16
Ras Al Khaimah Onshore: Considering additional seismic acquisition Assessing potential for unconventional gas reserves Offshore: Saleh Field Revised Development Strategy A deeper un-depleted Thamama reservoir is targeted for the…
Yemen Block 53 Block 32 DNO holds 24.45% (32.60% paying) DNO holds 38.95% (41.00% paying) Operated by Dove Operated by DNO Gross production around 5,000 bopd Gross production around 2,500 bopd Block 72 Block 43 DNO holds 18.00%…
Nabrajah-21 The first horizontal Qishn producer Qishn Carbonate -1620 Nabrajah-21 has been drilled as a producer into the eastern part of the Nabrajah Field Qishn Carbonate -1630 -1600 Qishn Carbonate Qishn Carbonate Qishn…
Yemen Field Development in Block 47 moving ahead South Hood joint operating company established Field development planning ongoing Expected production capacity of 5,000 bopd from Q3 2013 increasing to 10,000 in Q4 2014 Yaalen-4…
Tunisia Seismic acquisition on Fkirine license Acquisition of 260 km of 2D seismic on Fkirine completed end September Reprocessing of old 2D data on Fkirine license ongoing Maturing potential exploration targets on Hammamet…
Interim financial highlights
Q3 2012: Growth in YTD revenues and operating profit YTD key financials 1600 YTD figures up on higher revenues from Kurdistan and new 1400 Oman operations Q3 operational cash flow affected 1200 by completion of Tawke PSC 1000…
Condensed income statement NOK mill Q3 2012 Q2 2012 YTD 2012 YTD 2011 Q3 Highlights Sales 540.6 155.4 1,407.5 1,165.7 Cost of goods sold -346.5 -232.3 -839.1 -626.8 Tawke PSC terms applied from Q3 2012 Gross profit 194.1 -76.9 568.4…
Cash flow statement NOK mill Q3 2012 Q2 2012 YTD 2012 YTD 2011 Q3 Highlights Operational cash flow Profit/(loss) before income tax 98.9 -163.2 326.5 450.9 affected by completion of Tawke PSC reconciliation Non cash items and changes…
Balance sheet strength intact Assets Equity and liabilities 9,000 Non-current assets Other current assets 9,000 Shareholders equity Non-current liabilities Current liabilities Cash and cash equivalents 8,000 8,000 7,000 7,000…
Leverage further reduced through debt repayment Debt amortization schedule 1600 Repaid NOK 480 million in bond loans in 2011-2012, including NOK 161 1400 million in Q4 2012 1200 Bullet maturity on remaining bond loan NOK 1,342…
Stepped up investment program Yemen Kurdistan Oman UAE Other Capex NOK 297 million in Q3: 350 Kurdistan NOK 135 million Oman NOK 103 million 300 Yemen NOK 51 million 250 Investments in: NOK million Exploration wells…
Expected 2012 investments near guidance 2012 Guidance NOK million Significant increase in investments to NOK 1,250 million 900 Development CAPEX NOK 1,000 million Exploration NOK 250 million 800 YTD 2012 700 Actual investments NOK…
IMPORTANT NOTICE The information contained in this results presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,…
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