Oslo, 24 May 2018 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 47.23 million from the Kurdistan Regional Government as payment for February 2018 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 4.51 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke license revenues during February, as provided for under last August's receivables settlement agreement.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.
Gross production from the Tawke license stood at 111,618 barrels of oil per day (bopd) during February, of which only 102,999 bopd was exported due to a planned pipeline outage; the balance was placed into interim storage at Fish Khabur and exported the following month.
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DNO ASA is a Norwegian oil and gas operator focused on the Middle East 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.