DNO ASA: DNO Confirms Payment from Kurdistan for Tawke Oil Exports

Oslo, 3 December 2014 - DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD 9.375 million), reflecting their relative participation in the Tawke license operated by DNO.

"This payment and the payments to follow until producers receive full contractual entitlements for exports propel us towards regularisation and internationalisation of the oil industry in Kurdistan," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We are committed to Kurdistan and will do more with more," he added. 

--- DNO ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 20 blocks in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland ---

Oslo, 3 December 2014

Corporate Communications
Queries: Bjorn Dale (e-mail: [email protected] or phone: +47 911 57 197)

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.