Oslo, 2 November 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 31.33 million from the Kurdistan Regional Government as payment towards August crude oil deliveries to the export market from the Tawke field.
The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 26.27 million toward the monthly entitlement for August deliveries and USD 5.05 million toward the recovery of outstanding receivables for past deliveries.
Tawke production in August averaged 96,709 barrels of oil per day (bopd), of which 96,528 bopd was delivered for export through Turkey. This was down from July production levels of 117,992 bopd due to pipeline closures in Turkey and scheduled field facilities maintenance.
Tawke production during the third quarter averaged 109,159 bopd, of which 108,759 bopd was delivered for export through Turkey.
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.