DNO sales up 44% in 2010; plans to grow asset base through new ventures in Middle East and Africa

DNO operating revenues were up 44% compared to 2009, due to increased production from the Kurdistan region of Iraq and higher oil prices in Yemen. The company plans to invest NOK 600 million (USD 103.508 million) for development activities and NOK 275 million (USD 47.4413 million) for exploration activities in 2011. The exploration drilling program for 2011 is expected to be six wells, of which two will be in Kurdistan, three in Yemen and one in Mozambique.

Key highlights are:

-          Sales increased by 44 %, from NOK 869 million in 2009 to NOK 1.25 billion in 2010; Increase mainly driven by strong increase in Kurdistan local sales

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Group cash position increased from NOK 303 million at year end 2009 to NOK 1.38 billion in 2010. The company divested treasury shares in March and new equity raised in November

  

Adjusted EBITDA increased from NOK 262 million in 2009 to NOK 804 in 2010 and adjusted netback increased from NOK 169 million to NOK 710 million