| DNO ASA: DNO Completes First Well, Farms Down Tunisia Sfax Offshore Exploration Permit | |
| | |
|
Jawhara-3 well was vertically drilled to a total depth of 2,815 meters. The Douleb and Bireno fractured carbonates formations proved to be water bearing in the compartment of the structure targeted by the well. Two other secondary objectives had oil shows. Further analysis of the well`s logging and testing results will be performed to re-evaluate the Jawhara field`s oil-in-place estimates. Petrogas E&P Tunisia BV, a wholly-owned subsidiary of Petrogas E&P LLC, acquired a 35 percent participating (40 percent paying) interest in the permit from DNO in November 2014. Under the terms of the farm-out agreement, Petrogas will pay a part of DNO`s share of the Jawhara-3 well cost in addition to its own paying interest share. Petrogas will also pay its paying interest share of prior expenditures incurred by DNO. Completion of the farm-out is subject to approval by Tunisian authorities. Once completed, DNO will hold a 52.5 percent participating (60 percent paying) interest in the permit. The other partners in the permit are Eurogas International Inc. and Atlas Petroleum Exploration Worldwide Ltd. which together hold a 12.5 percent carried interest. --- DNO ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 20 blocks in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland --- Oslo, 2 January 2015 DNO ASA Corporate Communications Queries: Bjorn Dale (e-mail: bjorn.dale@dno.no or phone: +47 911 57 197) This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: DNO ASA via GlobeNewswire HUG#1884089
|
|
|
DNO
|
|
|
CODE : DNO.OL |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
DNO is based in Norway. DNO is listed in Norway. Its market capitalisation is 13.6 billions as of today (US$ 8.2 billions, € 7.5 billions). Its stock quote reached its lowest recent point on September 01, 2023 at 10.00, and its highest recent level on October 11, 2024 at 12.59. DNO has 1 083 810 048 shares outstanding. |