Latest news with #DNOASA
Yahoo
05-06-2025
- Business
- Yahoo
DNO Raises USD 400 Million in Hybrid Bonds
5 June 2025 – DNO ASA, the Norwegian oil and gas operator, today completed a private placement of USD 400 million of subordinated hybrid bonds with a coupon rate of 10.75 percent. The hybrid bonds will have the first call at 100 percent of nominal value after 5.5 years, with coupon step-up after six years and maturity in 2085. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed. 'This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,' said DNO's Executive Chairman Bijan Mossavar-Rahmani. 'Given its features, including treatment as equity not debt on DNO's balance sheet, a hybrid bond fits well with our financing structure following closing of the Sval Energi Group AS acquisition later this month,' he added. Settlement is expected on or about 17 June 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to refinance financial indebtedness in Sval Energi and for general corporate purposes. Arctic Securities AS, DNB Carnegie, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the transaction. AGP Advokater AS acted as legal advisor to the Company. – For further information, please contact:Media: media@ – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company 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, Côte d'Ivoire and Yemen. More information is available at – This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This release does not constitute any offer or solicitation to sell or purchase any securities. The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Iraq Business
24-04-2025
- Business
- Iraq Business
DNO issues Update on Production
By John Lee. DNO ASA, the Norwegian oil and gas operator, has provided an update on production, sales volumes and other selected information for the quarter. Regarding its operations in Iraqi Kurdistan, the company said: "DNO's share of crude oil from the Tawke license during the quarter has been sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments are made in advance of loadings with the vast majority transferred directly into DNO's international bank accounts." The company will publish its Q1 2025 operating and interim financial results on 15th May. (Source: DNO)
Trade Arabia
11-03-2025
- Business
- Trade Arabia
Norwegian oil major DNO to buy Sval Energi for $1.6bn
DNO ASA, the Norwegian oil and gas operator, today announced it has reached agreement to acquire 100 percent of the shares of rival Sval Energi Group AS from HitecVision for a cash consideration of $450 million based on an enterprise value of $1.6 billion. The Sval Energi assets are complementary to DNO's North Sea portfolio and will add scale and diversification to solidify the Company's position as a leading listed European independent oil and gas company. The acquisition will be financed from existing liquidity including available credit facilities, said a statement from DNO. The company will set in place the optimal capital structure prior to completion, it added. "This is a rare opportunity to acquire a portfolio of high-quality oil and gas assets on the Norwegian Continental Shelf," said DNO's Executive Chairman Bijan Mossavar-Rahmani.
Bloomberg
07-03-2025
- Business
- Bloomberg
DNO Agrees to Buy Sval, Tilting Output Focus to Norway From Iraq
DNO ASA agreed to buy all the shares of Sval Energi Group AS for $450 million from private equity firm HitecVision, as the oil and gas company expands its operations in Norway. The acquisition, based on an enterprise value of $1.6 billion, will boost DNO's global net production by two-thirds, and its proven and probable reserves by 50% to 423 million barrels of oil equivalent, DNO said in a statement Friday. It will quadruple the Oslo-based company's output in the North Sea.
Iraq Business
07-02-2025
- Business
- Iraq Business
DNO reports "Stellar Production" in Iraqi Kurdistan
By John Lee. DNO ASA, the Norwegian oil and gas operator, today reported 2024 revenues of USD 667 million on the back of what it described as " stellar production " in the Kurdistan region of Iraq. According to a company statement this morning: " Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North Sea 15,200 boepd and West Africa 3,100 boepd. "At Kurdistan's Tawke license (75 percent and operator), DNO increased gross production from the Tawke and Peshkabir fields by 70 percent year-on-year to 78,600 boepd in 2024, with oil sold at its Fish Khabur terminal as the Iraq-Türkiye export pipeline remained shut in. Sales prices averaged USD 35 per barrel with payments deposited into DNO's international bank accounts ahead of deliveries. At these prices, Tawke license sales generate around USD 10 million per month of free cash flow to DNO. "Maintaining strict capital spending discipline, DNO drilled no new wells on the Tawke license in 2024. Notwithstanding, output was increased by bringing three previously drilled wells onstream and by workovers and interventions on more than 20 other wells across the license. " DNO's Executive Chairman Bijan Mossavar-Rahmani, said: "Our Kurdistan team is doing a terrific job. Maintaining, never mind increasing, production from mature carbonate reservoirs without new drilling is rare, even exceptional." Tawke License Key Highlights Tawke license output: 74,143 bopd in Q4 2024 (-12% from Q3). Tawke field: 27,864 bopd (-6% from Q3). Peshkabir field: 46,279 bopd (-15% from Q3). Annual production up 70%, despite no new wells drilled. Sales continue via Fish Khabur amid ongoing Iraq-Türkiye pipeline closure. Operational Overview Production decline in Q4 attributed to truck transport disruptions in October. No new wells drilled in 2024, but output maintained through: Bringing three existing wells online. 20+ well workovers and interventions. Oil sales via Fish Khabur, with prepaid international bank transfers from buyers. Ownership & Strategy DNO: 75% operator interest. Genel Energy International: 25% interest. Focus on capital discipline, optimizing existing assets rather than expanding drilling. Baeshiqa License Key Highlights Baeshiqa license production: 20 bopd in Q4 2024. License had been inactive since mid-2023 before testing. DNO reviewing options while minimizing costs. Operational Overview Well testing program completed in Q4. Production remains minimal, indicating potential challenges in commercial viability. Cost-cutting measures in place as future development is assessed. Ownership Structure DNO: 64% operated interest (80% paying interest). Turkish Energy Company (TEC): 16% interest (20% paying interest). KRG: 20% carried interest. Click here to see the full 2024 Interim Results Presentation Click here to see the full 2024 Interim Results Report (Source: DNO) Tags: Baeshiqa, Bashiqa, cg, DNO, featured, Fish Khabur, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), Kurdistan News, Peshkabir, Tawke
