Oslo, 12 April 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 20.11 million from the Kurdistan Regional Government for March crude oil deliveries to the export and local markets from the Tawke field under the payment arrangement announced earlier this year.
The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 16.87 million toward the monthly entitlement for March deliveries and USD 3.24 million toward the recovery of outstanding receivables for past deliveries.
Tawke deliveries for export in March averaged 74,546 barrels of oil per day (bopd), up from an average of 66,427 bopd in February. Export deliveries in March were impacted by the extended closure of the Turkish segment of the export pipeline during the first half of the month. Tawke deliveries to the local market in March averaged 4,446 bopd, down from 6,697 bopd a month earlier. For purposes of pricing and entitlement payments, March deliveries to the local market were treated as deemed exports.
During April to date, Tawke deliveries for export have averaged 117,256 bopd.
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.