DNO Reports 35 Percent Cut in 2020 Spend, Bolstering Cash Position

Oslo, 7 May 2020 - DNO ASA, the Norwegian oil and gas operator, today reported that it had identified and implemented 2020 budget cuts of USD 350 million or 35 percent across all spend categories as the Company moved early and quickly to protect its personnel and operations and preserve its cash position in response to the the devastating impact of the coronavirus pandemic. The Company exited the first quarter of 2020 with a cash balance of USD 543 million, up from USD 486 million at yearend 2019. In releasing its interim first quarter results, DNO reported revenues of USD 206 million largely driven by lower oil prices and a net loss of USD 40 million




Det opplyses at investeringsprogrammene i Kurdistan og Norge for 2020 er fullt finansiert.

Kontantbalansen ved slutten av første kvartal 2020 var på 543 millioner dollar sammenlignet med 486 millioner dollar ved årsslutt 2019.