DNO International Operational Update 05.07.12
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Published: 08:00 CEST 05-07-2012 /Thomson Reuters /Source: DNO International ASA /XOSL: DNO /ISIN: NO0003921009
DNO International Provides Operational Update on Activities in the Kurdistan Region of Iraq and Yemen
Oslo, 5 July 2012 -- DNO International ASA, the Norwegian oil and gas company, today provides a drilling and operations update on its activities in the Kurdistan Region of Iraq and Yemen as follows:
Kurdistan Region of Iraq:
DNO International has completed testing of the Peshkabir-1 well and is preparing to submit a discovery notice pursuant to the terms of the production sharing contract covering the Tawke license.Drilled to a total depth of 4,092 meters, the deepest yet for the Company in Iraq, the well targeted a large undrilled feature west of the currently producing Tawke field. Oil shows were encountered in the Cretaceous, Jurassic and Triassic intervals and six zones were tested. The Jurassic Sargelu formation tested 27-29 API oil and water at varying rates of oil and water cut. The Triassic Kura Chine A and B intervals and the Cretaceous Mushora, Quamchuqa and Shiranish intervals produced formation water.
The joint venture will now undertake detailed evaluation of the results of the well; a proposal to acquire approximately 200 square kilometres of 3-D seismic has already been submitted and approved by the authorities. The Peshkabir-1 well will be temporarily suspended for possible re-entry later this year and the drilling rig moved to the Erbil license to commence the Benenan and Bastora field development.
The first of two back-to-back wells, Benenan-3, is expected to spud in late July.
The Tawke-18 well, spud on 28 May, is drilling ahead at 1,462 meters, about halfway to the planned total depth of 3,085 meters. The well is designed for additional Cretaceous production towards the target 100,000 barrels per day yearend Tawke field deliverability. The well will also test an exploration target below the main field bounding fault.
In parallel with its stepped up operational activities in the Kurdistan Region of Iraq, the Company continues to ramp up production and sales of oil to the local market.
Yemen:
DNO International has resumed active drilling operations in Yemen following the return to the country of service contractors and rig personnel.On Block 32, the Tasour-27 well, the first in a new drilling campaign to be undertaken by DNO International, was spud on 2 July using the ZEPB Rig 905, recently serviced and now under long-term contract to the Company.
On Block 53, operated by Dove Energy, the Bayoot-11 well is drilling ahead and has reached a depth of 2,800 meters.
On Block 47, DNO International and partners Geopetrol and state-owned Yemen Oil, Gas & Minerals Co. executed on June 21 the charter of South Hood, the first joint operating company set up under a new model for upstream development and production activities in the country. First oil from the Yaalen discovery on the block is expected by the end of 2013 with the installation of early production facilities capable of delivering 5,000 barrels per day, followed by a permanent facility with a capacity of 10,000 barrels per day at a later stage. DNO International holds a 50 percent stake in Block 47.
DNO International ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 17 licenses 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 and the Tunisian Republic.
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(www.dno.no)
Oslo, 5 July 2012
DNO International ASA
Corporate CommunicationsQueries:
Tom Bratlie - [email protected] or tel:+47 905 21 904This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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Kan vi tolke det som dårlige nyheder, ellers falder kursen, det gør den hvergang der kommer gode nyheder, en meget mærkelig aktie som burde koste minimum 20 nok med de kendte værdier, håber snart den bliver noteret i London så ka " mafiabørsen" vel ikke styre den mere.
Og ja jeg har en pæn slat.sent from iPhone
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Vi kan vel tolke det som vi vil. Hegnar.no tolker det som endnu en pseudo-nyhed med intet indhold, udover at der sælges lidt mere til kurderne.
Personligt vil jeg mene at de graver lidt i jorden, at de samler ind til at kunne udnytte deres linier fuldt ud, så de kan eksportere igen af de normale og nye rør, og er on track med dette. Imens det pågår, og irakere og kurdere skændes videre, så tanker kurdere lidt mere på deres tankvogne og sælger i smug. Bagved taler de med tyrkerne og forsøger at stable en plan B på bordet, og Storaktionær RAK tager det med ro, eller har nogle småbidder de kan fusionere ind - der er i hvert fald intet der tyder på at de vil informere markedet om mere end absolut nødvendigt. For at sige det mildt, så kan man følge mere med i DNO via Genel.
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Læg mærke til at de forbereder en meddelelse om fundet i mellemlaget på Peshkabir-1, så der kommer nok lidt om 14 dage om at de har fundet mere olie. API 27-29 er light crude i den gode ende, så det er mere værd end heavy oil, så det er positivt. Derudover er deres boring på Tawke-18 stadig i gang, og det er jo hanelefanten, så det er positivt hvis de finder dobbelt op.
Problemet er stadig ikke fund, men lovgivning, og jeg tror kurderne har fundet en svær sti, hvor selvstændighed kræver tyrkernes godkendelse, da Bagdahs godkendelse aldrig kommer, så lad os se om Syrien/Tyrkiet-problemet levner Kurderne mere plads til at forhandle med tyrkerne, og om ikke olien giver dem en form for økonomisk frihed fra Irak. Det ser ud til at kurderne har den lange ende lige nu, men sørgeligt er det for DNO som først vil profitere for alvor når tyrkerne kan købe via rør.
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DNO International proposes an all-cash offer to acquire Calvalley Petroleum Inc.(CVI.A) for CAD 2.30 per share
Published: 22:00 CEST 05-07-2012 /Thomson Reuters /Source: DNO International ASA /XOSL: DNO /ISIN: NO0003921009
See attached press release
Oslo, 5 July 2012
DNO International ASA
Corporate CommunicationsThis information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
DNO offer to acquire Calvalley Petroleum
http://hugin.info/36/R/1624712/519594.pdf -
Norwegian firm launches hostile bid for Calvalley
Calgary Herald July 5, 2012.http://www.calgaryherald.com/business/Norwegian+firm+launches+hostile+Calvalley/6890092/story.html
Winnipeg Free Press July 6, 2012
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