DNO ASA, the Norwegian oil and gas operator, will publish its Q4 2024 operating and interim financial results on 6 February at 07:00 (CET). A videoconference call with executive management will follow at 14:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.
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 fourth 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 also had a tax payment of USD 0.9 million in Norway, which relates to the tax assessment for 2023.
North Sea exploration
DNO participated in three exploration wells on the Norwegian Continental Shelf in the quarter. The operated Othello/Falstaff well in PL1086 (50 percent interest) was spudded on 20 September and completed on 27 November, while the Ringand well in PL923/923B (20 percent interest) was spudded on 5 November and completed on 7 December. Both Othello and Ringand have been announced as discoveries while the deeper Falstaff prospect was dry. The Mistral well was spudded on 22 December and drilling was ongoing as of end of Q4 2024. As previously announced, DNO entered into an agreement to farm into a 10 percent interest in PL1119 containing the Mistral prospect earlier in December.