Oslo, 1 June 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 16.3 million from the Kurdistan Regional Government as a second payment towards April crude oil deliveries to the export market from the Tawke field.
With the receipt of USD 16.0 million last week, the payment completes settlement of the total invoiced amount for April of USD 32.3 million, of which USD 27.1 million comprised the monthly entitlement and USD 5.2 million was towards the recovery of outstanding receivables for past deliveries.
The funds are to be shared pro-rata by DNO and partner Genel Energy plc.
Tawke production in April averaged 118,918 barrels of oil per day (bopd), of which 117,815 bopd were earmarked for export, up from an average of 74,546 bopd in March.
DNO ASA is a Norwegian 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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.