About DNO

DNO is a Norwegian exploration and production company focused on the Middle East and North Africa.

The company holds stakes in oil and gas blocks in various stages of exploration, development and production, both onshore and offshore, in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

DNO explores for oil and natural gas in frontier areas and in regions with established oil and natural gas production and infrastructure. Our growth comes through smart exploration, cost effective and fast track development, efficient operating techniques and strategic acquisitions.

The company was founded in 1971 and is listed on the Oslo Stock Exchange.

Kurdistan region of Iraq
DNO entered the Kurdistan region of Iraq in 2004.

Key country information

Licenses Tawke PSC, Dohuk PSC, Erbil PSC

Tawke PSC

Participating interest 55%
Operator DNO
Status Production/Development/Appraisal/Exploration

The Tawke license contains the producing Tawke field and the Peshkabir field/structure still to be appraised.

Two horizontal production wells were completed in the second quarter of 2014 as part of the Company’s ongoing development program. Tawke-24 and Tawke-26 were both drilled in the easternmost part of the field and the wells included a material appraisal component.
•Tawke-26 is currently producing at 2,400 bopd from one zone.
•Tawke-24 was drilled to delineate the farthest eastern compartment of the Tawke field. The reservoir was encountered deeper than anticipated and tested water in the Cretaceous reservoir. The well will be considered for future water disposal when required.

Drilling of an additional horizontal production well (Tawke-25) started in the second quarter of 2014 and preparations for testing are ongoing.

The Company has also started a program to install electrical submersible pumps (ESPs) across the main production wells. This is done in order to maintain and better control the production rates at Tawke.

Plans for 2014

A further two horizontal wells will start drilling in 2014, bringing the total number of horizontal wells that are completed or in the process of being drilled to nine by year-end.

Work is continuing to raise the capacity of the Tawke production facilities to 200,000 bopd. To transport the increased field output, a new 24-inch pipeline will be installed along the same route as the existing 12-inch pipeline that runs from the central processing facility at the field to the Fishkabur export facility.

Following the submission of a field development plan (FDP) for the Peshkabir oil discovery during the fourth quarter of 2013, the Company plans to drill the high impact Peshkabir-2 well in 2014 to further explore the Peshkabir structure and test upside potential.

Dohuk PSC

Participating interest 40%
Operator DNO
Status Appraisal/Development

The Dohuk license contains the Summail gas field with appraised heavy oil below.

At the Summail gas field, sales to the Dohuk power plant commenced in late May, initially averaging 60 million cubic feet per day from the first well. The gas will help displace diesel currently used to generate electricity in the 750 MW power plant in the city of Dohuk located 40 kilometers from the field.

The price of gas will range between USD 3 and USD 4 per thousand cubic feet over the life of the contract. The Gas Sales and Purchase Agreement (GSPA) is the first such agreement to be signed with a state buyer in Kurdistan.

Drilling of the second well Summail-3 was completed in May and the well was put into production in June. Production from the Summail-1 and Summail-3 wells averaged 83 mmcfd in June 2014. Drilling of the Summail-2 well commenced in early April and this well will be tested in the third quarter of 2014.

Following the fast-track development of the Summail field, the company will shift its focus to appraising the oil potential of the Dohuk license.

Erbil PSC

Participating interest 40%
Operator DNO
Status Development

The Erbil license contains the Benenan and Bastora fields.

At the Benenan-3 well, temporary production facilities have been installed and first sales of Benenan oil made as part of the Company’s early production program. The Benenan-3 well was drilled in 2012 as a horizontal appraisal well. The well also encountered moveable oil and proved an additional 210 meters oil column.

The Benenan-4 well was drilled in late 2013. The well has been suspended, awaiting the Benenan-3 test results. Testing of Benenan-4 is ongoing and will be incorporated into the early production program from the Benenan field.

In the longer term, the Company has initiated studies to determine the full field development options for both the Benenan and Bastora fields.

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