Dno Asa Class A · OSL:DNO
Dno Asa Class A — Q1 2022 Earnings Presentation
16 slides from Dno Asa Class A's earnings presentation, 2022
Slide 1: Q1 2022 Interim Results Presentation
Q1 2022 Interim Results Presentation
Slide 2: First quarter highlights
First quarter highlights Cover photo: DNO’s North Sea exploration team poring over license map covering the highly prospective area northwest of Troll. Page 2
Slide 3: Oil and gas are back, DNO never left
Oil and gas are back, DNO never left • DNO delivers another strong quarter with record cash generated from operations • Operating profit up 84 percent from prior quarter • Foot on the accelerator in Kurdistan, spudding five wells at Tawke license in Q1 2022 at both Tawke and Peshkabir fields while p
Slide 4: Q1 2022 operational highlights
Q1 2022 operational highlights Net production thousand boepd • Gross operated Tawke license production averaged 106,500 barrels of oil per day (bopd) in Q1 2022 (107,500 bopd in Q4 2021) of which 79,800 bopd net to DNO’s 99.2 interest (80,600 bopd Q4 2021) 92.6 92.0 94.2 92.5 • North Sea contributed
Slide 5: Q1 2022 financial highlights
Q1 2022 financial highlights Operating profit USD million • Quarter-on-quarter hike in operating profit to USD 236 million (USD 128 million in 236 Q4 2021) on revenues of USD 339 million (USD 396 million in Q4 2021) 128 66 61 65 • Kurdistan revenues of USD 209 million (USD 180 million in Q4 2021) on
Slide 6: Kurdistan operations
Kurdistan operations • Tawke license gross production averaged 106,500 bopd in Q1 2022, of which Peshkabir field 64,500 bopd (62,900 bopd in Q4 2021) and Tawke field 42,000 bopd (44,600 bopd in Q4 2021) • Ramping up drilling and workovers on Tawke license in 2022 to arrest natural field decline and
Slide 7: Expanding gas capture and injection, reducing carbon footprint
Expanding gas capture and injection, reducing carbon footprint • DNO’s gas capture program gives measurable, material and Greenhouse gas (GHG) captured and injected (thousand tonnes of CO2e) meaningful reduction in carbon emissions 160 • Kurdistan’s first and still only gas capture and injection 140
Slide 8: North Sea operations
North Sea operations • Building strong postion in new exploration hotspot in Troll/Gjøa area with more acreage, drilling and discoveries • Recent Kveikje discovery of 25-50 MMboe gross (DNO 29 percent) is a play-opener which de-risks prospects in nearby licenses • Awarded 10 licenses in Norway’s lat
Slide 9: 2022 North Sea exploration program
Alve Marulk 7 2022 North Sea exploration program NORWEGIAN SEA Pre-drill Chance 2022 volumes of DNO License Prospect Type (Mmboe) success interest Q1 Q2 Q3 Q4 Results 1 PL293B Kveikje Exploration 10-25 55% 29% 25-50 MMboe 2 P2401/PL969 Edinburgh Exploration 100-675 29% 45% 3 PL055 Brage South Explor
Slide 10: Financial review
Financial review Page 10
Slide 11: Financial results – key figures
Financial results – key figures Revenues Netback Operating profit USD million USD million USD million 396 339 300 275 236 253 194 184 153 170 135 128 66 65 61 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022 • Another quarter wit
Slide 12: Financial summary
Financial summary USD million Q1 2022 Q4 2021 Q1 2021 FY 2021 Revenues 339.4 396.5 169.8 1,004.1 Production costs -57.4 -52.9 -52,4 -218.8 Movement in overlift/underlift 13.9 -58.8 19.6 -18.3 Depreciation, depletion and amortization -51.5 -53.3 -53.0 -206.0 Cost of goods sold -94.9 -165.1 -85.8 -443
Slide 13: Q1 2022 cash flow
Q1 2022 cash flow Q1 2022 cash flow • Operational cash flow of USD 276 million in Q1 2022 USD million (USD 242 million in Q4 2021) • North Sea tax instalments of net USD 12 million paid in Q1 2022 (USD 91 million tax refund in Q4 2021) • Investment activities of USD 95 million (USD 84 million in Q4
Slide 14: Capital structure
Capital structure Cash deposits Net interest-bearing debt Equity ratio USD million USD million Percent 848 737 586 477 473 454 396 360 35 37 32 34 33 153 27 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022 2021 2021 2021 2021 2022 • Cash deposits increas
Slide 15: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,
Slide 16: Slide 16