Somalilandsun – DNO entered into a Production Sharing Contract covering Block SL 18 onshore Somaliland in April 2013.
Block SL 18 covers an area of 12,000 square kilometres. From a regional perspective the geology of Somaliland shows many similarities with Yemen and the exploration interest has centered on searching for Jurassic rifts where source-rocks have accumulated.
DNO holds a 100 percent paying interest in the license with Somaliland holding a 10 percent carried interest.
The Company has initiated studies on Block SL18 ahead of an extensive seismic program planned for 2014.
DNO International is an entrepreneurial independent E&P company, geographically focused on the Middle East and North Africa with operations in Yemen, the Kurdistan region of Iraq, Tunisia, Oman and Ras Al Khaimah. The group is headquartered in Oslo and listed on the Oslo Stock Exchange.
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
Growth in Cycles
First cycle from 1996 until divestment of UK and NCS assets in 2003, realized and returned values to shareholders
Second cycle from 2003 with exploration focused strategy
Restructured NCS in 2007, initiating the third cycle.
DNO capitalized on its strong position in the UK and Norwegian sectors of the North Sea, where its strategy had been to focus on the development of small oil fields and increasing the recovery rates from mature fields. In 2004, DNO completed the sale of its UK Company and some of its Norwegian assets to Lundin Petroleum for NOK 1.7 billion, returning significant dividend payments to shareholders in 2004-2005.
The focus shifted in 2003 to an exploration led strategy, which delivered significant reserves at low cost in Yemen and Kurdistan. Cash flow from high margin production in Yemen funded a significant part of the investments. DNO restructured its activities on the NCS, which generated a net gain of NOK 871 million to DNO.
Det norske oljeselskap
In November 2007, DNO decided to combine the activities in the North Sea with Pertra ASA (now renamed to Det norske oljeselskap ASA, “DETNOR”) – creating the second largest Norwegian oil and gas company. The activities outside of the Norwegian Continental Shelf carry on within DNO International ASA.
The third cycle is building on our strong position in low cost, high potential areas and increased production capacity from a large developed reserve base.Increased production combined with a favorable debt structure will form the basis for future growth, both organically and through active participation in consolidation opportunities.