Norwegian DNO reports Kurdish payment on crude oil deliveries

OSLO- UAE-linked DNO ASA, the Norwegian oil and gas operator, today reported receipt of US$47.23 million from the Kurdistan Regional Government as payment for February 2018 crude oil deliveries to the export market from the Tawke licence. The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies' interests in the license.

Separately, a payment of US $ 4.51 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke licence revenues during February, as provided for under an August 2017 receivables settlement agreement. DNO operates and has a 75 percent interest in the Tawke licence, which contains the Tawke and Peshkabir fields. Gross production from the Tawke license stood at 111,618 barrels of oil per day (bopd) during February, of which only 102,999 bopd was exported due to a planned pipeline outage; the balance was placed into interim storage at Fish Khabur and exported the following month.

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, DNO holds stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland. It also has a stake of nearly 29 percent in UK-based Faroe Petroleum, which operates in the North Sea Its largest shareholder is UAE-based RAK Petroleum.