DNO ASA - First quarter 2004

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Stock exchange notice 19 May 2004, DNO ASA
 
The sale of DNO's assets in the UK and Ireland to Lundin Petroleum AB was implemented in the first quarter of 2004.  Together with strong results from the company's retained licences in Yemen and Norway, this sale contributed to a significant cash flow in the first quarter.
 
Highlights, first quarter 2004
  • A sales gain of NOK 209.5 million from the sale of assets in the UK and Ireland to Lundin Petroleum AB
  • Strong cash flow from retained licence interests
  • Oil discovery in block 43, Yemen
  • Petroleum resources increased by 80 % through acquisitions and discoveries
  • Operating and lifting expenses per barrel were reduced as a consequence of the sale of UK assets
  • Debt has been repaid and the company's financial strength has been improved.
    •  
     
    Key figures
     
    1st quarter results
    Net profit (loss)
    NOK million
    Q1 2004
    Q4 2003
    Q3 2003
    Q2 2003
    Q1 2003
    2003
    2002
    Operating revenues
    369.2
    484.7
    466.6
    477.6
    579.7
    2 008.6
    1 691.0
    Gain from sale of assets
    209.5
    -
    -
    -
    -
    -
    -
    Total revenues
    578.7
    484.7
    466.6
    477.6
    579.7
    2 008.6
    1 691.0
    EBIT
    339.9
    140.7
    127.6
    210.9
    276.0
    755.3
    528.3
    Net profit
    175.2
    12.3
    -41.8
    55.7
    107.9
    134.1
    -64.7
    Investments
    91.5
    179.7
    211.5
    191.6
    118.6
    701.4
    465.8
    EBITDA
    388.6
    226.7
    207.0
    285.3
    346.8
    1 065.8
    872.2
    Netback
    285.8
    76.1
    72.0
    78.3
    228.1
    454.6
    456.9
    EBITDA, excl. sales gain
    179.1
    226.7
    207.0
    285.3
    346.8
    1 065.8
    872.2
    Netback, excl. sales gain
    76.3
    76.1
    72.0
    78.3
    228.1
    454.6
    456.9
     
     
    Oslo, 19 May 2004
    DNO ASA
     
     
    For additional information:
    For the company's first quarter report and presentation, please visit DNO's website
    www.dno.no
     
    or contact:
    Helge Eide, Group Managing Director, 23 23 84 80/ 55 22 47 00
    Haakon Sandborg, Chief Financial Officer, 23 23 84 80
     
     
     
    The Report including tables can be downloaded from the following link:
    http://hugin.info/36/R/946337/133388.pdf
     
    The Presentation can be downloaded from the following link:
    http://hugin.info/36/R/946338/133389.pdf
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