DNO reserve-size increases to 520.3 MMboe for 2012

DNO sees company reserves rise almost 150 MMboe over 2012

Bijan Mossavar-Rahmani, executive chairman of DNO International.
Bijan Mossavar-Rahmani, executive chairman of DNO International.

DNO International, has released announced that its total remaining proved and probable reserves, stands at 520.3 million barrels of oil equivalent (MMboe), on a company working interest (CWI) basis as at yearend 2012.

This updated figure shows a markedly strong increase from the previous four years that have seen reserve sizes expand from 149.4 MMboe year end 2009 to 371.9 MMboe at the end of 2011.

"I am hard pressed to name other international exploration and production companies of our size with such a record of year-on-year reserves growth over this period," said Bijan Mossavar-Rahmani, executive chairman of DNO International.

The 40 percent increase in 2012 was driven principally by upward revisions at the Tawke field in the Kurdistan Region of Iraq and reserve additions from the merger of RAK Petroleum PCL's operating subsidiaries into DNO International, said the company in a statement.

The 2012 reserves evaluation and report was prepared by independent petroleum consultants DeGolyer and MacNaughton. DNO International's year end 2012 proved and probable (CWI) reserves of 520.3 MMboe comprised of 495.4 million barrels (MMbbls) of oil (including condensate and other liquids) and 140.1 billion cubic feet (Bcf) of natural gas.

These volumes represent the Company's commercial reserves, class 1-3, under the Norwegian Petroleum Directorate classification, said the statement.

Proved and probable oil reserves for the Tawke field, adjusting for 2012 production of 16.6 MMbbls, were 722.2 MMbbls, of which 447.7 MMbbls were net to DNO International on a CWI basis. Also in Kurdistan, proved and probable reserves for the Benenan and Bastora oil discoveries on the Erbil license were 42.1 MMbbls as at 31 December 2012, of which 19.6 MMbbls were net to DNO International on a CWI basis.

In Yemen, proved and probable oil reserves, adjusting for 2012 production of 3.8 MMbbls, were 18.0 MMbbls, of which 8.4 MMbbls were net to DNO International on a CWI basis.

Proved and probable reserves associated with the assets acquired from RAK Petroleum, adjusting for 2012 production of 4.2 MMboe, were at 36.1 MMbbls of oil (including condensate and other liquids) and 254.3 Bcf of natural gas, of which 19.7 MMbbls and 140.1 Bcf were net to DNO International on a CWI basis.

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