DNO International ASA - Results for the First Q...

Oslo, 13 May 2009: DNO International ASA (OSE: DNO) today announces
its interim results for the first quarter 2009.


The total operating revenues in the first quarter were NOK 184
million, down 56 per cent compared to the first quarter 2008. This is
primarily a result of significantly reduced oil prices and lower
production.

The operating profit (EBIT) in the first quarter amounted to NOK -77
million (NOK 154 million). The cash flow in the period, represented
by netback, amounted to NOK -6 million (NOK 232 million).

Net profit in the first quarter ended at NOK 138 million (NOK 62
million) due to a partial impairment reversal on the DETNOR
investment.

Capital expenditures for the first quarter were reduced to NOK 77
million compared to NOK 238 million in the same period last year.

"DNO has clearly shown its operational flexibility by acting quickly
in response to the recent drop in oil prices. Our long-term
strategies remain intact, but we have shifted our focus towards near
term development and production, with exploration activity to be
undertaken on a more selective basis. This has resulted in lower
investments in the first quarter and the overall investment level for
this year will be significantly lower than in 2008" said Helge Eide,
Managing Director

DNO reached an important milestone in the first quarter by completing
the Tawke pipeline tie-in to the Northern pipeline system in Iraq, in
close co-operation with the Kurdistan Regional Government (KRG) and
the North Oil Company (NOC). Furthermore, DNO received formal notice
by KRG on 10 May, to commence export of crude oil from the Tawke
field on 1 June, 2009. DNO has been instructed to complete any
outstanding work and undertake all necessary preparations to ensure
safe and smooth operation on the commencement date.

"We have made strong progress towards our goal of delivering full
scale production from the Tawke field, through the pipeline tie-in
and confirmation of oil export commencement. As instructed by the
KRG, DNO is now fully focused on preparations for initial oil exports
from the Tawke field." continues Helge Eide.

For full interim report, please see the attachments on www.newsweb.no
and www.dno.no.

DNO will give a presentation of the interim financial statements for
the first quarter 2009. The presentation will be held on Wednesday,
13 May 2009 at 08:00 A.M. in the "Lille Sal" at Oslo Konserthus,
Munkedamsveien 14.
The presentation can also be followed live on the Internet, via a
video webcast at www.dno.no. An archived version of the webcast will
be posted on www.dno.no shortly after the presentation. The
presentation will be given in English.

DNO International ASA
Oslo, 13 May 2009


For further information, please contact;

Media contacts:
Helge Eide, Managing Director, DNO International ASA; [phone]
Ketil Jørgensen, Crux Kommunikasjon (Norway); [phone]
Ben Willey, Buchanan Communications (UK); [phone]

Investor Relations contact:
Haakon Sandborg, CFO, DNO International ASA;       [phone]


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