DNO ASA Marks Major Oil Discovery in the North Sea

DNO ASA's Significant Oil Discovery in the North Sea

DNO ASA, a prominent Norwegian oil and gas operator, has announced a remarkable discovery in the Northern North Sea that is set to reshape its operational landscape. Holding a 40 percent operated interest in license PL1182 S, this new find reinforces DNO's proactive approach in the exploration sector.

Overview of the Kjøttkake Exploration Well

The Kjøttkake exploration well has revealed a promising 41-meter oil column alongside a 9-meter gas column. Not just a significant find, this discovery is located in high-quality Paleocene injectite sandstones. Preliminary estimates suggest the recoverable resources could range from 39 to 75 million barrels of oil equivalent (MMboe), with a mean estimate of approximately 55 MMboe.

Strategic Location and Implications

Situated conveniently 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjøa platform, Kjøttkake boasts proximity to existing infrastructure, making commercialization efforts feasible. Executive Chairman Bijan Mossavar-Rahmani expressed optimism about the discovery, highlighting that it follows a streak of successful findings in the area. DNO has identified ten discoveries since 2021, amplifying its presence in the Troll-Gjøa development hotspot, which includes notable finds like Røver Nord and Kveikje.

Recent Discoveries

Alongside the Kjøttkake well, DNO has made additional notable discoveries across the broader Norwegian Continental Shelf. New finds like Norma in 2023 and Othello in 2024 mark out a promising future for the Company, with both assets being operated by DNO and deemed play-opening.

Partnership Dynamics in License PL1182 S

DNO is not alone in this venture. Partnering with industry leaders like Aker BP ASA, which holds a 30 percent interest, Concedo AS (15 percent), and Japex Norge AS (15 percent), DNO is actively working to enhance collaboration and synergies within this license. The wells were drilled utilizing the sophisticated Deepsea Yantai rig, showcasing a commitment to utilizing cutting-edge technology in exploration.

Enhancing the Portfolio through Strategic Acquisitions

In tandem with exploration pursuits, DNO is strategically enhancing its portfolio by acquiring producing assets that would further stabilize its operations. Recently, the Company announced a pivotal acquisition of Sval Energi Group AS, which is poised to significantly boost North Sea reserves from 48 million barrels of oil equivalent (boe) to a post-closing figure of 189 million boe. This strategic move indicates DNO's foresight in planning for future growth and resource management.

Future Production and Contributions

Upon closure of the Sval Energi acquisition, the North Sea is projected to become the paramount contributor to DNO's net production, comprising about 60 percent of its total outputs. The balance will be derived primarily from two operated fields, Tawke and Peshkabir, which are located in the Kurdistan region of Iraq, showcasing DNO's diverse operational geography.

Contact Information for Further Insights

For those who seek additional information regarding DNO ASA and its recent discoveries or acquisitions, the Company encourages inquiries through the following contacts:

Media: media@dno.no
Investors: investor.relations@dno.no

Frequently Asked Questions

What was the recent discovery made by DNO ASA?

DNO ASA recently discovered a significant oil reserve in the Kjøttkake well, located in the Northern North Sea.

How much recoverable resource has been estimated from this discovery?

The initial estimates suggest recoverable resources ranging from 39 to 75 million barrels of oil equivalent, averaging at about 55 million MMboe.

What is the significance of the Kjøttkake discovery?

The Kjøttkake discovery is significant due to its proximity to existing infrastructure, paving the way for potential commercialization.

How many discoveries has DNO made in the Troll-Gjøa area since 2021?

Since 2021, DNO has made a total of ten discoveries in the Troll-Gjøa exploration and development hotspot.

What other operational strategies is DNO ASA pursuing?

DNO ASA is actively pursuing acquisitions to enhance its production capacity, including the recent acquisition of Sval Energi Group AS.

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