DNO Charges Past 500 Million Barrels in Kurdistan and Picks Up Speed

Core Viewpoint - DNO ASA is significantly increasing its operations in the Kurdistan region of Iraq, having surpassed the milestone of 500 million barrels of oil produced from the Tawke license [1][2]. Group 1: Operational Developments - Drilling operations will resume next week after a two-and-a-half-year hiatus, with the spud of a new production well targeting the shallow Jeribe reservoir in the Tawke field [2]. - The company plans to mobilize two rigs to drill eight wells on the Tawke license through 2026, aiming for a 25% increase in gross operated production to reach 100,000 barrels of oil per day [2]. Group 2: Production Performance - Despite a halt in new drilling due to the 2023 export pipeline closure and a revenue drop, the company continues to produce 80,000 barrels of oil per day through low-cost adjustments to existing wells [3]. - DNO has expressed confidence in its ability to extract significantly more oil from the Tawke fields, leveraging two decades of experience in managing complex reservoirs [3]. Group 3: Company Background and Market Position - DNO ASA, founded in 1971, is Norway's oldest oil company and was the first to list on the Oslo Stock Exchange in 1981, holding stakes in various licenses across multiple regions including the Kurdistan region of Iraq and Norway [4]. - The company has established itself as one of the largest European-listed exploration and production companies, with plans to exit 2025 with a net production of 90,000 barrels of oil and gas equivalent [3].