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DNO desert digs power $153M gain


Published Feb 15, 2008
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DNO announces well results and new license interests in Yemen-Spotlight
courtesy DNO

Norway-based oil company DNO has erased a million-dollar quarterly net loss from a year ago to post on Friday a fourth-quarter net profit of NOK829-million ($153.5 million).

Despite signs of fewer reserves in Yemen, the company sold 11-percent more oil at higher prices and recorded net revenues for the quarter of NOK365 million, up about 50 percent over the year-ago period.

Meanwhile, in northern Iraq, a No. 12 well at the Tawke field is being readied for testing and completion as a producer. The company sold some $20 million more in oil last year as the contentious Tawke came on stream.

Tags: DNO




   

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