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Tuesday, 02 December, 2008, 22:10 GMT | more >>

DNO profit up but output plan revised



By Upstream staff 

Norwegian independent oil producer DNO reported an bigger-than-expected 77% jump in second-quarter operating profit today but revised down its 2007 oil production target due to slow ramp-up.

Earnings before interest and tax at the first foreign company to drill for oil in post-war Iraq increased to Nkr234 million ($39.33 million) in April-June from Nkr132 million a year ago.

The result beat all forecasts from a Reuters survey of nine analysts, whose estimates ranged from Nkr4 million to Nkr140 million.

"DNO maintains its 2007 exit production target of 26,000 barrels per day of oil but the 2007 annual production target has been revised to 15,000 to 17,000 bpd (from a previous 20,000 bpd)," DNO said.

DNO earlier announced lower production from its fields in Yemen, where the company has its main operations before its Iraqi activities get off the ground.


Wednesday, 22 August, 2007, 08:16 GMT  | last updated: Wednesday, 22 August, 2007, 14:20 GMT

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