Dno ASA
OSE:DNO

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Dno ASA
OSE:DNO
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Price: 16.3 NOK 2.9% Market Closed
Market Cap: 15.9B NOK

Dno ASA
Investor Relations

DNO ASA engages in the exploration, development, and production of international oil and gas. The company is headquartered in Oslo, Oslo and currently employs 1,327 full-time employees. The company is engaged in the acquisition, development and operation of oil and gas properties. Its activities are primarily undertaken in the Middle East and the North African (MENA) region. The company holds stakes in oil and gas blocks in various stages of exploration, development and production both onshore and offshore in the Kurdistan region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland. The firm operates through its head office in Oslo, and a network of offices throughout the MENA region. Its subsidiaries include DNO Yemen AS, DNO UK Ltd, DNO Invest AS, DNO Tunisia AS, DNO Iraq AS, DNO Mena AS and Origo Exploration Holding AS.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 6, 2025
AI Summary
Q3 2025

Strong Quarter: DNO reported a very strong third quarter, with significant operational and financial improvements following the Sval Energy acquisition.

Production Recovery: Production in Kurdistan rebounded from recent drone attack disruptions, reaching 80,000 barrels per day, back to pre-attack levels, with a new target of 100,000 barrels set for next year.

North Sea Momentum: The North Sea business saw an exit rate of 90,000 barrels of oil equivalent per day and is expected to continue growing, benefiting from recent acquisitions and rapid project development.

Financial Turnaround: The company returned to profitability with a net profit of $20 million for the quarter, driven by a 112% increase in revenue compared to last quarter.

Cash Flow Surge: Operating cash flow nearly tripled to NOK 407 million, reflecting the first full quarter of Sval assets and stronger North Sea performance.

Dividend Maintained: The increased quarterly dividend announced previously was maintained, and substantial investments continue in line with higher operational cash flow.

Conservative Balance Sheet: DNO remains committed to prudence, holding more than $500 million in cash and keeping leverage at conservative levels while retaining flexibility for future growth.

Key Financials
Revenue
NOK 547 million
Operating Profit
NOK 222 million
Net Profit
$20 million
Operating Cash Flow
NOK 407 million
Cash Taxes Paid (Q3)
$53 million
Investments
NOK 225 million
CapEx
NOK 183 million
Exploration Expenditures
NOK 34 million
Dividend Paid
NOK 36 million
Cash Balances (end Q3)
NOK 531 million
Net Debt
NOK 860 million
North Sea Revenue Share
92%
Production (Kurdistan, Q3 exit rate)
80,000 barrels per day
Production (North Sea, Q3 exit rate)
90,000 barrels of oil equivalent per day
Earnings Call Recording
Other Earnings Calls

Management

Mr. Bijan Mossavar-Rahmani
Executive Chairman
No Bio Available
Mr. Christopher Spencer
MD & COO
No Bio Available
Mr. Haakon Sandborg
Chief Financial Officer
No Bio Available
Mr. Geir Arne Skau
Chief Human Resources & Corporate Services Officer
No Bio Available
Mr. Sameh Hanna
General Manager of Kurdistan Region of Iraq
No Bio Available
Mr. Gudmund Hartveit
Manager of Corporate Development & IR
No Bio Available
Jostein Løvås
Communication Manager
No Bio Available
Mr. Kenneth Myhrvold
Chief Petroleum Engineer & Petroleum Technology Department Manager
No Bio Available
Ms. Tonje Pareli Gormley
General Counsel of Middle East
No Bio Available
Ms. Linn Hoel
Chief Commercial Officer
No Bio Available

Contacts

Address
OSLO
Oslo
Dokkveien 1
Contacts
+4723238480.0
www.dno.no