Oslo, 4 March 2015 - DNO ASA, the Norwegian oil and gas operator, today reaffirmed its commitment to operations in the Kurdistan region of Iraq in a presentation by Executive Chairman Bijan Mossavar-Rahmani to the DNB Markets 8th Annual Oil, Offshore and Shipping Conference in Oslo.
Mr. Mossavar-Rahmani said that the company, present in Kurdistan since 2004, produced its first 100 million barrels of oil at its flagship Tawke field in February. "Output will pick up at Tawke this spring with the expansion of the field's capacity to 200,000 barrels per day," he added.
A new 24-inch pipeline is already in place and Tawke-30, the last horizontal production well in the current drilling campaign, has reached target depth and is undergoing completion. Installation of the remaining surface processing facilities is progressing on schedule.
"Our priority now is to work with the Kurdistan Regional Government to monetize all oil produced at Tawke according to contractual entitlements," said Mr. Mossavar-Rahmani.
Sales by DNO into the local market commenced in the first quarter and will be stepped up with growing field deliverability as an interim measure to generate ongoing revenues to the company.
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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.