The first quarter revenue of Norwegian oil and gas operator company, DNO, reached the highest in nearly four years at $142 million and the company also reported a net profit of $18 million, according to DNO on Friday.
'We have the wind on our back,' DNO's Executive Chairman Bijan Mossavar-Rahmani was quoted as saying.
Mossavar-Rahmani explained that the positive results resulted from higher oil prices, timely export payments in the Kurdish Regional Government, a growing portfolio of quality assets, efficient drilling and bold strategy execution.
DNO's current cash balance stands at $356 million plus $280 million in treasury shares and marketable securities.
On the DNO-operated Tawke license containing the Peshkabir and Tawke fields, 15,000 barrels of oil per day (bpd) of production from two Peshkabir wells were comingled with 90,000 bpd from the flagship Tawke field for export through Turkey.
A new Tawke Cretaceous well was brought onstream earlier this month at more than 5,000 bpd.
The company will drill additional Tawke development wells in 2018 following mobilization of a fourth rig, the company said.
By Huseyin Erdogan
Anadolu Agency
energy@aaa.com.tr