DNO receives Kurdistan payment

OSLO, 30th January, 2017 (WAM) — UAE-linked Norwegian oil company, DNO, announced today receipt of US$8.41 million from the Kurdistan Regional Government in Iraq as payment towards June 2016 crude oil deliveries to the export market from the Tawke oilfield. The payment completes settlement of the total invoiced amount for June 2016 of US$38.41 million, for which a partial payment of US $ 30.00 million was received in August 2016, a statement said.

Another payment of US$38.89 million was received on 23rd January towards payments due for crude oil deliveries last October. The payments are shared pro-rata with DNO’s partner, Genel Energy.

The Tawke oilfield produced an average 107,299 barrels of oil per day, bopd, during 2016, of which 105,536 bopd was delivered for export through Turkey.

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, the company holds stakes in onshore and offshore licenses 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.

WAM/Moran

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