Latest news with #DNO
Yahoo
3 days ago
- Business
- Yahoo
DNO Raises USD 400 Million in Hybrid Bonds
5 June 2025 – DNO ASA, the Norwegian oil and gas operator, today completed a private placement of USD 400 million of subordinated hybrid bonds with a coupon rate of 10.75 percent. The hybrid bonds will have the first call at 100 percent of nominal value after 5.5 years, with coupon step-up after six years and maturity in 2085. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed. 'This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,' said DNO's Executive Chairman Bijan Mossavar-Rahmani. 'Given its features, including treatment as equity not debt on DNO's balance sheet, a hybrid bond fits well with our financing structure following closing of the Sval Energi Group AS acquisition later this month,' he added. Settlement is expected on or about 17 June 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to refinance financial indebtedness in Sval Energi and for general corporate purposes. Arctic Securities AS, DNB Carnegie, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the transaction. AGP Advokater AS acted as legal advisor to the Company. – For further information, please contact:Media: media@ – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire and Yemen. More information is available at – This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This release does not constitute any offer or solicitation to sell or purchase any securities. The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Iraq Business
16-05-2025
- Business
- Iraq Business
DNO Increases Oil Production in Iraqi Kurdistan
By John Lee. Norway's DNO has reported increased oil production at its operations in Iraqi Kurdistan: Kurdistan Production: In Q1 2025, DNO's net production in Kurdistan was 61,600 barrels of oil equivalent per day (boepd), an 11% increase quarter-on-quarter. Operational Measures: Despite the closure of the Iraq-Türkiye export pipeline (ITP), production from the Tawke licence (DNO 75% and operator) was stabilized and even increased through rigless interventions. Sales and Revenue: Oil from the Tawke licence was sold at DNO's Fish Khabur terminal to local buyers at USD 35 per barrel, with payments made in advance. Financial Impact: Tawke licence sales averaged USD 20 million per month, generating around USD 10 million of free cash flow. Strategic Approach: DNO maintained production with minimal investment, highlighting efficient management amid pipeline closures. (Source: DNO)
Iraq Business
24-04-2025
- Business
- Iraq Business
DNO issues Update on Production
By John Lee. DNO ASA, the Norwegian oil and gas operator, has provided an update on production, sales volumes and other selected information for the quarter. Regarding its operations in Iraqi Kurdistan, the company said: "DNO's share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments are made in advance of loadings with the vast majority transferred directly into DNO's international bank accounts." The company will publish its Q1 2025 operating and interim financial results on 15th May. (Source: DNO)
Reuters
28-03-2025
- Business
- Reuters
DNO makes North Sea gas and oil discovery
STOCKHOLM, March 28 (Reuters) - Norwegian oil and gas operator DNO ( opens new tab and its partners have made an oil and gas discovery in the "Kjottkake" prospect in the North Sea, the Norwegian Offshore Directorate said on Friday. The authority said preliminary calculations indicate that the discovery holds recoverable reserves of between 38.4 and 74.2 million barrels of oil equivalent. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "The licensees will consider a potential development and further follow-up of the discovery alongside other discoveries and prospects in the vicinity," it said in a statement. DNO holds a 40% stake in the exploration permit while Aker BP ( opens new tab holds 30% and Japex Norway and Concedo each hold 15%.
Yahoo
27-03-2025
- Business
- Yahoo
DNO reports oil and gas discovery in North Sea licence PL1182 S
DNO, a Norwegian oil and gas operator, has reported an oil and gas discovery in the northern North Sea licence PL1182 S, where it holds a 40% operated interest. Partners in the licence include Aker BP with a 30% stake, Concedo with a 15% interest and Japex Norge with a 15% stake. The discovery in Paleocene injectite sandstones shows preliminary estimates of 39–million to 75 million barrels of oil equivalent (mboe), with a mean of 55mboe, of gross recoverable resources. The Kjøttkake exploration well revealed a 41m oil column and a 9m gas column. A sidetrack drilled 1,350m westwards along the reservoir in the Sotra Formation confirmed the oil column's presence throughout the discovery. The wells were drilled using the Deepsea Yantai rig. The Kjøttkake discovery is located 27km north-west of the Troll C platform and 44km south-west of the Gjøa platform, and is DNO's tenth discovery in the Troll-Gjøa area since 2021. Previous discoveries include Carmen, Cuvette, Heisenberg, Røver Nord, Kveikje, Kyrre, Ofelia, Ringand and Røver Sør. DNO has also made discoveries in other parts of the Norwegian Continental Shelf, such as Norma in 2023, followed by Othello in 2024. DNO executive chairman Bijan Mossavar-Rahmani said: 'We are on a hot streak in Norway. Our latest and most exciting discovery this year, Kjøttkake, is close to existing infrastructure in the Troll-Gjøa area, and we will be relentless in pursuing its commercialisation.' After its exploration, DNO stated that it has ramped up the acquisition of producing assets to balance its Norwegian portfolio and support the funding of future developments. Earlier this month, DNO agreed to acquire Sval Energi Group from HitecVision for an enterprise value of $1.6bn (Nkr17.24bn). The acquisition is expected to close by mid-year. The deal involves a cash consideration of $450m and is set to be financed via existing cash, debt financing facilities, new bond and reserve-based lending debt, and offtake-based financing. "DNO reports oil and gas discovery in North Sea licence PL1182 S" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
