Oil and gas firm DNO International ASA (OSE: DNO) reported quarterly earnings this morning. It predictably slashed previous records with revenues of 712 million NOK and net profit of 307 million on a 42 116 boepd production on Q1 2012. Total comprehensive income stands at 123,6 million net of tax. Executive Chairman Bijan Mossavar-Rahmani expressed delight with the result and says the company is considerably stronger than before. Proven and probable reserves that have a 50% certainty of being produced have grown to 531 million boe as of the end of Q1. DNO focuses on Middle East and North Africa with 17 licenses in 5 countries.
During the weekend DNO also re-publicized a press release from its largest shareholder RAK Petroleum PCL, announcing that DNO Initiative Shareholder Group, which has combined a number of small Scandinavian investors into a common online based group, has agreed to support possible plans of DNO International to seek additional listing on a major stock exchange (principally London). RAK Petroleum has previously made it known it is interested to lessen its holding somewhat following the merger with RAK’s MENA assets (back to 30%), and the investors were trying to find common ground on how to best achieve such, basically meaning RAK would wait until the additional listing is in place.
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