DNO reserves estimate hits 502 million barrels

DNO_reserves_comNorway-based DNO International has updated its estimate of proved and probable working interest reserves to 502 million barrels of oil and 165 billion cubic feet of gas at March 31, 2012, up from a total of 372 million barrels of oil at December 31, 2011

The updated figures were published in a Competent Person Report prepared by independent petroleum consultants DeGolyer and MacNaughton ahead of a possible listing of DNO International's shares in London.

DNO International executive chairman Bijan Mossavar-Rahmani said, "These latest numbers firmly place DNO International in the ranks of the largest independent exploration and production companies globally in terms of reserves."

The revised figure for oil, an increase of 35 per cent over the December 31, 2011 estimate, incorporates data from wells recently completed or underway at the Tawke field located in the Kurdistan region of Iraq.

DNO International's remaining proved plus probable company working interest share of Tawke reserves is 455 million barrels at 31 March 2012 compared to 346 million barrels at 31 December 2011.

DeGolyer and MacNaughton's March 31, 2012 estimate of Tawke's gross ultimate proved plus probable reserves is 771 million barrels versus 615 million barrels at 31 December 2011.

Also included in the report's new figures are remaining proved plus probable company working interest reserves of 21 million barrels of oil (including condensate and other liquids) and 165 billion cubic feet of gas acquired from RAK Petroleum in a merger that closed earlier this year.

"We have established a growth portfolio across the Middle East and North Africa with Tawke as its centrepiece," Mossavar-Rahmani added.

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