RAK Petroleum plc holds 40.45 percent of DNO ASA through a subsidiary.
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Sea regions. Founded in 1971 and listed on the Oslo Børs, DNO ASA 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 and Yemen.
The company's growth comes through smart exploration, cost effective and fast track development, efficient operating techniques and strategic acquisitions.
The Kurdistan region of Iraq is home to DNO ASA’s largest operations. The company drilled nine wells across the Peshkabir and Tawke fields in 2018 which enabled it to maintain its position as the largest independent foreign producer in the region with gross operated production of just over 113,000 barrels of oil per day.
DNO ASA’s 2018 revenue was a record USD 829 million with net operating profit of USD 377 million, while total comprehensive income, net of tax, was USD 368 million. Operational cash flow stood at USD 472 million last year.
In June 2017, DNO ASA acquired Origo Exploration Holding AS, a privately-held, Stavanger based oil and gas exploration company with a focus on offshore Norway and the United Kingdom. In early 2019, DNO ASA acquired Faroe Petroleum plc, another company focussed on exploration and development on offshore Norway and the United Kingdom and formerly listed on the London Stock Exchange’s Alternative Investment Market. Following this USD 780 million acquisition, DNO ASA holds 90 licenses on the Norwegian Continental Shelf, making it the fifth largest holder of such licenses, with both production and an active exploration programme.
DNO ASA now ranks among the top three European-listed independent oil and gas companies in terms of reserves and production.
RAK Petroleum plc’s Executive Chairman, Bijan Mossavar-Rahmani, is also Executive Chairman of the Board of Directors of DNO ASA.
03.27.2019DNO Releases 2018 Annual Report and Accounts
03.15.2019DNO Shares Traded Ex-Dividend
02.19.2019Mandatory Notification of Trade
02.11.2019DNO ASA: Updated Financial Calendar for 2019
02.11.2019DNO Announces 100 Percent Reserves Replacement in 2018