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DNO Announces Strong Q3 Results

Operator of Kurdistan oil fields exceeds profit projections

Norwegian oil and gas company DNO has announced higher than expected earnings in its third quarter results, with profits of $71 million compared to the forecasted numbers of $64 million.

DNO are the largest operator in the Kurdistan region or Northern Iraq and have been boosted as a result of increased production in the area, in addition to the rising oil price.

Through its 75% stake in the Tawke license, the organisations production for the period stands at 81,526 barrels of oil equivalent per day (boed), which has risen from 76,999 (boed) a year ago.

DNO are targeting further production increases following recent output gains at the Peshkabir field, with production reaching 50,000 bpd ahead of schedule.

Source: Reuters


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