We have a lot of things on our plate to go ahead and start investing in," Eide said, citing plans to revive sagging production in Yemen and upgrade capacity at its prize Tawke field in Iraqi Kurdistan if and when authorities there resolve a political dispute hampering revenue flows.
DNO said it swung to a third-quarter operating profit of 17.4 million crowns, from a 124 million crown loss a year ago. That compared with a forecast for a 1 million crown loss in a Reuters poll and DNO's second-quarter operating profit of 355 million crowns, which included a special $104 million payment under erratic Iraqi export terms.
DNO said the exact nature of the $60 million it banked from Iraqi exports was unclear, preventing it from booking the amount as revenue yet.
Classified as a "cash advance", the money nonetheless helped swell DNO's net profit line to 299 million crowns from 216 million last quarter and a net loss of 145 million crowns in the same period last year.
Also flattering the bottom line was a 255-million-crown gain from the sale of shares in Det Norske Oljeselskap .
After rising more than 2 percent in early trading DNO's shares backtracked to 6.88 crowns at 1114 GMT, down 1.64 percent on the day on an Oslo bourse off 1.85 percent.
Anders Holte, an analyst at ABG Sundal Collier, said he saw nothing in the report to move the stock since investors care more about DNO's outlook in Iraq -- which was largely unchanged -- than quarterly performance.
Wednesday's share decline came largely from investors realising that a tender offer for DNO shares announced on Monday had little credibility, he said.
"I think the share price is just reverting back to where it was before the offer as people came to realise it's not likely to obtain any meaningful momentum," Holte said.
Source
DNO said it swung to a third-quarter operating profit of 17.4 million crowns, from a 124 million crown loss a year ago. That compared with a forecast for a 1 million crown loss in a Reuters poll and DNO's second-quarter operating profit of 355 million crowns, which included a special $104 million payment under erratic Iraqi export terms.
DNO said the exact nature of the $60 million it banked from Iraqi exports was unclear, preventing it from booking the amount as revenue yet.
Classified as a "cash advance", the money nonetheless helped swell DNO's net profit line to 299 million crowns from 216 million last quarter and a net loss of 145 million crowns in the same period last year.
Also flattering the bottom line was a 255-million-crown gain from the sale of shares in Det Norske Oljeselskap .
After rising more than 2 percent in early trading DNO's shares backtracked to 6.88 crowns at 1114 GMT, down 1.64 percent on the day on an Oslo bourse off 1.85 percent.
Anders Holte, an analyst at ABG Sundal Collier, said he saw nothing in the report to move the stock since investors care more about DNO's outlook in Iraq -- which was largely unchanged -- than quarterly performance.
Wednesday's share decline came largely from investors realising that a tender offer for DNO shares announced on Monday had little credibility, he said.
"I think the share price is just reverting back to where it was before the offer as people came to realise it's not likely to obtain any meaningful momentum," Holte said.
Source
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