Cover: Looking to the future as DNO ASA celebrates its 50th Anniversary as Norway's oldest, continuously operating oil and gas company

Key figures

Quarters

First Half-Year

Full-Year

USD million

Q2 2021

Q1 2021

Q2 2020

2021

2020

2020

Key financials

Revenues

184.3

169.8

72.1

354.1

277.7

614.9

Gross profit

97.7

84.0

-53.5

181.8

-15.1

24.9

Profit/-loss from operating activities

60.9

66.3

-80.8

127.3

-92.3

-314.5

Net profit/-loss

56.7

51.5

-63.6

108.1

-103.0

-285.9

EBITDA

122.2

119.3

12.9

241.4

148.1

322.8

EBITDAX

149.1

129.8

29.9

278.8

179.9

378.8

Netback

153.4

134.5

12.9

287.9

148.1

559.1

Acquisition and development costs

60.4

50.8

32.7

111.2

129.4

207.9

Exploration expenses

26.9

10.5

17.0

37.4

31.8

55.9

Production

Gross operated production (boepd)

110,304

111,985

101,965

111,140

108,586

110,282

Net production (boepd)

92,667

99,162

94,265

95,897

99,652

100,063

Key performance indicators

Lifting costs (USD/boe)

5.7

4.9

5.7

5.3

5.4

4.9

Netback (USD/boe)

18.2

15.1

1.5

16.6

8.2

15.3

For more information about key figures, see the section on alternative performance measures.

Half-Year 2021 Interim Results | 3

Q2 2021 operational highlights

  • Gross operated Tawke license production including the Tawke and Peshkabir fields averaged 110,300 barrels of oil per day (bopd) in Q2 2021 (112,000 bopd in Q1 2021) of which 82,700 bopd net to DNO's interest (84,000 bopd Q1 2021)
  • North Sea assets contributed another 9,900 barrels of oil equivalent per day (boepd), down from 15,200 boepd in Q1 2021 due to planned maintenance and infill drilling
  • Totaling net DNO production of 92,700 boepd in Q2 2021
  • Tawke license gross operated production guidance for 2021 remains 110,000 bopd
  • North Sea production to recover with 2021 net production guidance of 13,000 boepd
  • DNO had 91 licenses across its portfolio at end Q2 2021 (25 operated), of which two in Kurdistan, 74 in Norway, 11 in the United Kingdom, two in the Netherlands, one in Ireland and one in Yemen

Q2 2021 financial highlights

  • Revenues totaled USD 184 million in Q2 2021 (USD 170 million in Q1 2021) as higher oil and gas prices more than compensated for lower North Sea volumes
  • Operating profit of USD 61 million in Q2 2021 (USD 66 million in Q1 2021)
  • Reduced bond debt to USD 700 million following redemption of USD 100 million in Q2 2021
  • Received USD 158.6 million from Kurdistan in Q2 2021 (entitlement USD 113.5 million, override USD 15.3 million and USD 29.8 million towards arrears built up from non-payment of certain invoices in 2019 and 2020)

4 | DNO ASA

  • Exited Q2 2021 with cash balance of USD 454 million
  • Continued to strengthen balance sheet with end Q2 2021 net interest bearing debt of USD 396 million, lowest since Q4 2018
  • Following end of Q2 2021, received Kurdistan payments totaling USD 56.9 million

Half-Year 2021 Interim Results | 5

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DNO ASA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 08:06:06 UTC.