Oslo, 19 December 2017 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 54.32 million from the Kurdistan Regional Government as payment for September 2017 crude oil deliveries to the export market from the Tawke license. 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 USD 4.37 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke license revenues during October 2017, as provided for under last August's receivables settlement agreement.
"We are pleased with the regularity of payments for our share of Tawke license exports over the course of the year notwithstanding challenging conditions in the region," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "Twelve monthly export invoices were paid in full during 2017 together with three scheduled payments under the receivables agreement, providing the funds and the confidence to continue to make significant new investments in Kurdistan," he added.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields. Combined production from the two fields year-to-date has averaged 110,000 barrels of oil per day and is expected to climb as operations ramp up at the Peshkabir field.
DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North Africa region and the North Sea. 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, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.