Presentation

DNO is a Norwegian E&P company which historically has been focused on the Middle East, where it has had significant success in the Kurdish region of Iraq (KRI). The company re-entered the North Sea through the acquisitions of Origo (2017) and Faroe Petroleum (2019) which added ~20% to reserves and production. DNO is listed on the Oslo Stock Exchange and RAK Petroleum is the company’s largest shareholder with a 45% stake.

DNO’s main asset is the Tawke oil field (75% WI), which commenced production in 2007, with net remaining 2P reserves of 268 mill boe as of year-end 2020. With continued investments in production wells, production from the Tawke block is expected to remain above 100,000 bbl in 2021.

The North Sea reserves stood at ~63 mill boe at YE’20 with net production guided to 13,000 bbl/day in 2021. In addition to active exploration, with 12 wells planned in 2021-22, the partners at the DNO operated Brasse field recently completed the concept selection, with FID targeted for 2022.