Dno Asa Ord

Good morning and welcome to DNO's second quarter 2025 earnings call. My name is Jostein Löfvås and I am the communication manager here at DNO. Present with me in Oslo on this beautiful day in August are executive chairman Bijan Masavar-Amani, managing director Chris Spencer and CFO Håkon Sandborg. At first, Björn will give an introduction. It will be followed by a presentation of the results, which will be given by. After the presentation, we will open for questions in a Q&A session. And as always, shareholders first, but analysts are also welcome to ask questions. Press questions will be dealt with afterwards. During the presentation, the microphones of the participants will be muted. If you want to ask a question in the Q&A session, please click on the virtual hand on top of your screen. When you are selected, you will be notified on your screen that you are allowed to unmute, after which you must remember to unmute yourself.

With that, let's get started. I will hand over to Peter. Good morning.

Thank you, Joost, for that introduction. Before we start with the presentation of the operational results, financial results for our second quarter, I just wanted to say a few words first of welcome and to say that we have had, of course, for those of you who have had a chance to see the release or the reports this morning, We've had a very, very exciting second quarter at DNO on the back, importantly, of the acquisition of Sval Energy and the bringing together of our assets and of our teams. We've had now tremendous results in terms of revenues, in terms of operating profits, in terms of production in terms of reserves and it's really truly been a transformational uh for the company and we are all very very excited those of us uh who've been in dno uh longer and the new uh colleagues that uh have joined us from uh from uh small uh it's a terrific uh combination of assets of people of mindset of a strategic redirection of the company. dividends to our shareholders. Those dividends announced today have been now the quarterly dividends have been increased by 20%. I think that's a reflection of the confidence we have in the company in our results and our results moving forward and the growth path, but the growth trajectory that we are on. the quarter, we, of course, had an unfortunate drone attack on our fields in Kurdistan. And these are not just limited to those fields, but other fields. We were all very lucky, very blessed that no one was injured and that there are no casualties. But of course, there were damages to our our facilities and our operations, and that's a setback. It'll take us some time to recover in full, although we have started to – the Tauke field, as we had previously reported, is now back on production. The damage is now limited to one of our storage tanks or storage tanks. At our other field, the sister field, Peshkebir, There was damage to service facilities and importantly to two of our coalescers, which deal with water treatment and removal from our crude stream. I had an opportunity to visit our facilities, our fields in Kurdistan and meet with our teams there. we decided to, on a test basis, open up the number of the wells and see the condition of the pipeline and how the wells would react and how the facilities could be, at least on a test basis, breached to allow us to start moving oil from the Petrobras field to our terminal and loading facilities for sales to the local market that we've been doing as well. The ramp up has been impressive, although we've been very cautious in terms of which wells to open and how rapidly to open them to make sure we don't trip up during this test period. But we have already ramped up to about 35,000 barrels a day from the peshkaru field, which combined with 25,000 barrels a day from the Tauke field puts us, at the time of our release, we were at 55,000 barrels a day. This morning, we were at 60,000 barrels a day. Again, I caution that this is on a test basis. Repairs will take time, and of course, we have a difficult security situation, and we will keep a very close eye on that. And if there are additional security threats, we will, of course, revisit our operations But for now, again, the good news is that there are no casualties, no injuries, and also that we are beginning to recover from the shutdown of the fields and back producing. We'll also talk a bit more about what plans we have to resume investments in these fields to try to get production up. We haven't drilled any wells in the last several years. We've maintained production at about 80,000 barrels a day through tweaks, through workovers, but drilled no wells. And we are now confident enough in our revenue stream, currently from the local sales, to begin to invest, to raise production have before the shutdown of the Iraq-Purkia pipeline. So with that quick introduction, I'll ask Chris to start the presentation and the slides.