Dno ASA

DNO ASA has agreed to transfer selected non-core license interests to Equinor Energy AS in exchange for a significantly reduced decommissioning deposit, improving near-term liquidity by more than USD 35 million. The agreement replaces a post-tax deposit obligation assumed through DNO's 2025 acquisition of Sval Energi AS, which would have been held by Equinor until the Ekofisk and Martin Linge fields are decommissioned. Under the new terms, DNO will make a one-time payment and transfer a 20 percent interest in PL293B and 293 CS, a 29 percent interest in PL827 S, and a 10 percent interest in PL1245. DNO will fully exit the Kveikje discovery while retaining 20 percent interests in Heisenberg and PL1245. Executive Chairman Bijan Mossavar-Rahmani said the divestment fast-tracks monetization of exploration discoveries without changing reserves or output, and the company remains on track to raise North Sea production to 100,000 barrels of oil equivalent per day by 2030.

DNO ASA provided a trading update for the second quarter of 2026 and announced it will publish full operating and interim financial results on 13 August. Net production in the North Sea averaged 84,912 barrels of oil equivalent per day, up from 33,348 a year earlier, while Kurdistan output fell to 273 barrels of oil equivalent per day from 56,070 following a prolonged shutdown. The company restarted limited field operations at the Tawke license in April and initiated production from the Tawke field on 28 June and from Peshkabir on 11 July. DNO also completed a multi-asset swap with Vår Energi ASA, acquiring a five percent stake in the Gjøa field and the Gjøa Nord discovery in exchange for interests in Nova and PL956 plus 17.5 million dollars in cash, and closed the purchase of an additional 3.3 percent interest in the Vega Unit from INPEX Idemitsu Norge AS, raising its holding to 8.8 percent. The Dvalin Nord field started production on 30 June and is expected to deliver 3,000 barrels of oil equivalent per day net to DNO at plateau. The company paid a dividend of 0.375 Norwegian kroner per share, totaling 39.4 million dollars, and made tax payments of 98.3 million dollars in Norway during the quarter.

DNO ASA announced that an appraisal well has further delineated the 2023 Carmen gas-condensate discovery in Norwegian North Sea license PL1148, with recoverable resources now estimated at 21–107 million barrels of oil equivalent. The bulk of recoverable volumes was encountered in the Etive Formation, where reservoir quality ranges from moderate to poor, and the partnership will evaluate hydraulic fracturing to enhance recovery. Further appraisal and exploration drilling is being considered, including targets in the north of the laterally extensive Carmen structure. The license partnership consists of DNO Norge AS at 30 percent, operator Wellesley Petroleum AS at 30 percent, Equinor Energy AS at 30 percent, and Aker BP ASA at 10 percent, and will assess development as a tie-back to existing infrastructure such as the Kvitebjørn platform 35 kilometers to the west, in which DNO holds a 19 percent interest.