Oslo, 23 June 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 24.28 million from the Kurdistan Regional Government as a second payment towards May crude oil deliveries to the export market from the Tawke field.
With the receipt of USD 15.00 million earlier this week, the payment completes settlement of the total invoiced amount for May of USD 39.28 million, of which USD 32.95 million comprised the monthly entitlement and USD 6.34 million was towards the recovery of outstanding receivables for past deliveries.
The funds will be shared pro-rata by DNO and partner Genel Energy plc.
Tawke production in May averaged 117,757 barrels of oil per day (bopd), of which 114,848 bopd were earmarked for export.
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.