2023-07-10 13:23:32 ET
DNO ( OTCPK:DTNOF ) +18.2% in Monday's trading after announcing the biggest natural gas discovery off the Norwegian coast in a decade.
The company said it is assessing the reserve potential from its Carmen prospect, but preliminary data places the gross recoverable reserves in the 120M-230M boe, which at the 175M boe midpoint would rank as the largest discovery on the Norwegian continental shelf since 2013.
The drilling results tripled the midpoint of DNO's ( OTCPK:DTNOF ) pre-drill expected range, and are in an area located near existing infrastructure, providing a clear path to commercialization.
DNO ( OTCPK:DTNOF ) said Carmen, which is its sixth discovery in the Troll-Gjoea area since 2021, proved important discoveries could still be made off Norway's coast.
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DNO hits largest gas discovery off Norway in a decade