DNO announced in its third-quarter trading report that an exploratory well at the Symra field, located off the coast of Norway, has reached an estimated 8 to 15 million barrels of oil equivalent (MMboe) of recoverable volumes. This discovery increases the recoverable volumes of the Symra field by 25 percent.
Details of the Exploratory Well at Symra Field
The drilled exploratory well was part of the production drilling operations at the Symra field to evaluate previous discoveries in the Heimdal formation. DNO holds a 20 percent interest in this field, and this new discovery will help strengthen the company's position in the market.
Other DNO Operations and Production in the North Sea
During this quarter, DNO also participated in the Afrodite appraisal well in PL293, in which the company holds a 10 percent interest. Drilling of this well began on July 15 and continued through the end of the quarter.
On September 30, DNO completed an asset exchange with Vår Energi, acquiring a 5 percent interest in the Gjøa field and the Gjøa Nord discovery, in exchange for its interests in Nova and Ringhorne Nord. DNO's net production in the North Sea averaged 85,364 barrels of oil equivalent per day (boed) in the third quarter, with total net production reported at approximately 142,800 boed.
DNO plans to release its full third-quarter results on October 29. Given the new discovery at the Symra field and ongoing activities in other fields, the company is expected to continue its growth.
