Norwegian oil company DNO International said it seeks to export some 50,000 barrels per day from Iraqi within months and boost its cashflow after posting a first-quarter operating loss on Wednesday.

The first foreign oil company to drill in post-war Iraq, DNO largely failed to capitalise on its trail-blazer status because of deep rows between its partner - the Kurdistan Regional Government - and central Baghdad authorities over oil exports.

But earlier this week DNO said that it got formal approval from the Kurdish authorities in northern Iraq to start exporting crude from its Tawke oilfield from the start of next month.

"We're preparing for commencement of crude oil export from Tawke on June 1," Chief operating officer Ivar Brandvold said.

"We will bring it up gradually to a stable, high level. We're talking about months," he told news conference when asked about the time frame for reaching Tawke's initial capacity of about 50,000 barrels per day.

DNO said it was ready to increase production from Tawke "without further significant investment".

DNO swung to an operating loss of 77 million Norwegian crowns ($11.96 million) in the three months to end-March from a 154 million crown profit a year earlier.

The losses, caused by lower production and lower energy prices, were heavier than 10 analysts' estimates of operating losses of 9 million to 72 million in a Reuters poll where the average forecast was for a loss of 47 million crowns.

Net financial income of 206 million crowns, mainly due to reversals of earlier impairments on investment, boosted the company to a net profit of 138 million crowns for the first quarter, in line with analysts' average estimate of a 140 million crowns.

"We see big potential to improve our results going forward this year," Chief financial officer Haakon Sandborg said.

DNO said it would cut investment "substantially" in 2009 from 2008, planning for capital expenditure of 135 million crowns and 100 million in exploration and development spending-Reuters