DNO Q2 2026 Trading Update

28 Jul DNO Q2 2026 Trading Update

(Oilandgaspress) 28/07/26, – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2026 operating and interim financial results on 13 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today, the Company provides an update on production, sales volumes, prices and other selected information for the quarter.

Volumes (boepd)

Realized prices (USD/boe)

North Sea 

On 18 June, DNO announced a multi-asset transaction with Vår Energi ASA. Under the agreement, DNO will acquire a five percent stake in the Gjøa field and the Gjøa Nord discovery in exchange for a five percent interest in Nova and DNO’s 15 percent stake in PL956, covering parts of the Ringhorne Nord discovery. DNO will also receive a (post-tax) USD 17.5 million cash consideration. The transaction further streamlines the Company’s Norwegian Continental Shelf portfolio and secures a strategic ownership in the offshore Gjøa hub.

The previously announced acquisition of a 3.3 percent interest in the Vega Unit, which is tied back to Gjøa, from INPEX Idemitsu Norge AS was completed on 30 June. Following the acquisition, DNO holds an 8.8 percent interest in the Vega Unit.

Also on 30 June, the Dvalin Nord field offshore Norway started production. The field is expected to deliver 3,000 barrels of oil equivalent per day (boepd), net to DNO, at plateau.

DNO participated in one exploration well on the Norwegian Continental Shelf during the quarter. The Carmen appraisal well in PL1148 (30 percent interest) was spudded on 19 April and completed on 17 June. Gross recoverable resources following the well are estimated at 21–107 million barrels of oil equivalent.

Kurdistan 

Limited field operations restarted at the Tawke license on 9 April with the resumption of workovers on existing wells and the relaunch of the previously announced eight-well drilling campaign. On 28 June, DNO initiated production from the Tawke field and on 11 July from the Peshkabir field. The performance of wells and surface facilities that have been shut in for a prolonged period, as well as regional security conditions, will determine how quickly the Company ramps up and sustains full operations in Kurdistan.

Selected cash flow items

In the second quarter, DNO paid a dividend of NOK 0.375 per share (totaling USD 39.4 million), which represents NOK 1.50 per share on an annualized basis. DNO also paid taxes totaling USD 98.3 million in Norway related to installments for taxable profit for 2025.

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