DNO reports payment for Tawke deliveries

OSLO, DNO ASA, the Norwegian oil and gas operator, today reported receipt of US$69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke licence in the Kurdistan region of Iraq. The funds will be shared by DNO and its partner Genel Energy plc pro-rata to the companies’ interests in the licence.

Separately, a payment of US$5.99 million has been received net to DNO, representing three percent of gross Tawke licence revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.

DNO, whose largest shareholder is RAK Petroleum, also listed on the Oslo Stock Exchange, operates and has a 75 percent interest in the Tawke licence, which contains the Tawke and Peshkabir fields.

Following the regularisation of export payments by the Kurdistan Regional Government, KRG, for Tawke licence production since February 2016, the company will no longer make announcement of monthly receipts and will instead issue quarterly updates on export volumes and values.

DNO ASA is a Norway-based oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange with the code DNO.OL, the company holds stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland. Its largest shareholder is UAE-based RAK Petroleum.

Source: Emirates News Agency