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DNO International ASA Oil & Gas Exploration and Production

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DNO International ASA Oil & Gas Exploration and Production DNO InternationalDNO ASA DNO International ASA Stranden 1, Aker Brygge 0250 Oslo NORWAY Phone: (+47) 23 23 84 80 Fax: (+47) 23 23 84 81 DNO International ASA Annual Report and Accounts 2007 Annual 2007 Report Accounts and VisionarY Oil & Gas Exploration and Production www.dno.no Fast faCts and figUres The vision to Balanced portfolio We hold and operate a diverse explore innovatively. and balanced exploration portfolio, with particularly strong potential of unrisked resources in Yemen The strength to and Kurdistan. deliver consistently. Profitability We have high-margin producing assets generating strong cash flow for reinvestment in future growth Discover DNO opportunities. an International Oil Exploration Transparency and Production Company We are transparent in our business practices and reporting, controlling DNO is an independent international upstream oil the Group risks operationally in and gas company. DNO’s main objective is sustainable line with corporate governance growth and value creation through smart exploration, guidelines. cost-effective field development and high-margin production. DNO is committed to conducting its activities in a socially, environmentally and Partnership economically responsible manner. We form long-term trusted DNO International ASA is now focused on its assets partnerships with operators and in the Middle East, the UK and Africa. Our interest on governments, behaving ethically and the Norwegian Continental Shelf is operated through with integrity in the communities in our investment in the associated company Det norske oljeselskap ASA. We have a proven track record as a ‘fast which we work. to market’ developer and low-cost operator of assets, by rapidly commercialising our asset finds and acquisitions Skills and knowledge and extending the life and commercial viability of our We are skilled operators and fast to existing sites. We form long-lasting partnerships and we have built a reputation for being a trusted operator and market, adopting best practices and quick decision-maker. latest technologies in all aspects of our business. Contents Netback before exploration (NOK million) 2 An overview of 2007 4 DNO in depth: Our mission, strategy, structure and assets 953 6 A merger for growth 8 Managing Director’s Report Working interest production (bopd) 10 Operating Review 12 > Kurdistan region of Iraq 16 > Yemen 14,462 22 > New Ventures 24 Fast Track Development 26 People and Society Lifting cost (USD/bbl) 28 Financial Review 32 Directors and Advisors 7.65 34 Corporate Governance 37 Board of Directors’ Report Netback coverage of 43 Financial Accounts with Note Disclosures exploration expenses 118 Parent Company Accounts 137 Auditor’s Report 360% 138 Glossary and Definitions Working interest reserves and resources (mboe)* 156.8 Net profit (NOK million) 1,006 * Working interest reserves and resources (mboe) corresponds to class 1-7 definitions (Norwegian Petroleum Directorate – NPD) DNO International ASA Annual Report and Accounts 2007 | 1 An overview of 2007 2007 has been another successful and important year for DNO, adding new reserves at low cost. 2 | DNO International ASA Annual Report and Accounts 2007 FinanCiaL HIGHLIGHTS OPERATionaL HiGHLIGHTS • Net profit exceeds NOK 1,006 million, including • First oil produced after fast track development NOK 871 million contribution from the integration of the Tawke field. of our Norwegian subsidiary with Pertra ASA. • 2007 exit production reached 18,000 bopd, • Strong increase in netback to NOK 690 million up 55% on 2006. (2006: NOK 420 million). • Maintained stable production in Yemen through • Revenue up 11% to NOK 1,320 million successful infill drilling. (2006: NOK 1,193 million). • Tawke gross reserves up by 130% to 230 million • Equity ratio up to 48% (2006: 22%). barrels. • NCS operations restructured with DNO becoming largest shareholder in the combined company company. HIGHLIGHTS of THE YEAR Revenues Netback before exploration Net profit (NOK million) (NOK million) (NOK million) 1,320 953 1,006 1,006 953 1,320 +11% 1,193 +25% +1,547% 760 626 299 191 61 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2005 2007 2006 2007 2005 2006 2005 2007 2006 2007 2005 2006 2007 DNO International ASA Annual Report and Accounts 2007 | 3 DNO currently holds 15 licenses in 6 countries. DNO in depth: Our mission, strategy, structure and assets Mission and STRATEGY STRUCTURE OUR inTERnaTionaL oiL and Gas assETS Our mission is to be a leading independent exploration DNO International ASA is now focused on its assets in and production company focused on transforming the Middle East, UK and Africa. Our interests on the Licenses Reserves and resources Production 2007 Owner possible resources to reserves at low cost, generating Norwegian Continental Shelf are transacted through substantial and consistent returns for shareholders. our associated company, Det norske oljeselskap ASA, a pure play Norwegian exploration and production Yemen 8 Oil 13.0 mboe Oil 11,637 bbl/day DNO Yemen AS Our strategy aims to convert resources to reserves company in which we hold a 36.9% share. at low cost. As part of this strategy we aim to: Kurdistan 2 Oil 142.3 mboe Oil 2,826 bbl/day* DNO Iraq AS • Further explore and develop our strong position Syria 1 Oil 0 mboe 0 DNO International ASA in Yemen. • Fully exploit the exploration potential of our acreage and develop discoveries in Kurdistan Mozambique 1 Oil 0 mboe 0 DNO International ASA region of Iraq. • Increase our production levels whilst maintaining Equatorial Guinea 1 Oil 1.5 mboe 0 DNO International ASA our competitive position as a low-cost producer. • Take a balanced risk based approach spreading UK 2 Oil 0 mboe 0 DNO International ASA technical, political, operational and financial risk across the portfolio. • Actively manage and optimise the portfolio to OUR ASSOCIATED oiL and Gas assETS reduce financial exposure and over time maximise returns to shareholders. Norway 46 Oil 47.7 mboe Oil 1,039 bbl/day** Det norske oljeselskap ASA 4 | DNO International ASA Annual Report and Accounts 2007 NorWAY UK SyriA IRAQ Licenses Reserves and resources Production 2007 Owner Yemen 8 Oil 13.0 mboe Oil 11,637 bbl/day DNO Yemen AS YEMEN Kurdistan 2 Oil 142.3 mboe Oil 2,826 bbl/day* DNO Iraq AS Syria 1 Oil 0 mboe 0 DNO International ASA Mozambique 1 Oil 0 mboe 0 DNO International ASA Equatorial Guinea 1 Oil 1.5 mboe 0 DNO International ASA EQUAToriAL GUinEA UK 2 Oil 0 mboe 0 DNO International ASA OUR ASSOCIATED oiL and Gas assETS Norway 46 Oil 47.7 mboe Oil 1,039 bbl/day** Det norske oljeselskap ASA MoZAMBIQUE * Average production of 5,665 bbl/day from production start June 2007 ** Including production in NOIL Energy until November 2007 DNO International ASA Annual Report and Accounts 2007 | 5 DNO is the largest shareholder in the new second largest E&P company on the NCS. A merger for growth In October 2007, DNO and Pertra ASA entered into > with reserve growth potential through an integration agreement in order to merge DNO’s exploration; and Norwegian subsidiary with Pertra. The merger has > with capacity to build critical mass. created the second largest Norwegian exploration and production company focused on the Norwegian Continental Shelf (NCS) that: NOIL and Pertra have both achieved successful growth on the NCS. • Builds on existing portfolio by utilising expertise established in the two companies. • Pertra and NOIL have cooperated extensively in the • Creates a stronger player on the NCS than either last three APA rounds. NOIL or Pertra on a stand-alone basis. • NOIL and Pertra have talented teams, totalling • Enhances capabilities to: more than 80 people. > accelerate growth; • The combined company will have the second > respond to commercial and technical challenges; largest exploration capacity in terms of employees, THE MERGER TimELinE: and asset base and rig contracts in Norway. During 2007, DNO International ASA completed > deliver long term value to shareholders and • The company will participate in E&P activities over the integration of the Norwegian subsidiary society. the entire Norwegian Shelf. NOIL Energy ASA and Pertra ASA, to form the • Creates new opportunities through structural • The merger of NOIL and Pertra is a sound platform second largest Norwegian E&P company on the change to: for aggressive growth and expansion. Norwegian Continental Shelf (NCS). > become a leader in sector consolidation; • The company’s key value-creation strategy is to > exploit competitive advantage in acreage discover and put into production undiscovered oil awards; and resources on the NCS. > utilise size to enhance organic growth, farm-ins • The company will acquire licenses primarily and M&A activity. by license applications and also by farm-in • Is more attractive to investors: agreements, trades and M&A activity. > as a pure NCS investment opportunity; • In-house capacity is expected to increase from approximately 80 employees today to 150 by 2009. 6 | DNO International ASA Annual Report and Accounts 2007 2007 Integration Process 84% 60% 36.9% NOIL Energy NOIL Energy Pertra ASA ASA ASA renamed Det norske oljeselskap ASA JUNE 2007 OCTOBER 2007 NOVEMBER 2007 DNO International ASA completed Pertra ASA and NOIL Energy ASA Integration of the two companies a private placement in its wholly combined to form the second largest was completed, with DNO as the owned subsidiary Det Norske E&P company on the NCS. Prior to largest shareholder. Pertra ASA Oljeselskap ASA (later renamed the combination, DNO made a sell changed its name to Det norske NOIL Energy ASA), immediately down to institutional investors, oljeselskap ASA. DNO changed its prior to registering it on the reducing its share in NOIL to 60%. name to DNO International ASA. Det Norwegian OTC market. Pertra acquired all of DNO’s shares norske oljeselskap ASAs results will DNO retained an 84% share. in an exchange offer whereby Pertra be accounted for in DNO’s financial offered one share in Pertra for three statements as an associated company.
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