Oslo, 28 May 2015 - DNO ASA, the Norwegian oil and gas operator, today announced a new daily record of 170,000 barrels of oil produced from the Tawke field in the Kurdistan region of Iraq, of which 30,000 barrels were sold into the local market and the balance allocated for export.
Tawke production in the first quarter of 2015 was 104,925 barrels of oil per day (bopd), of which 8,679 bopd was sold into the local market. In the current quarter to date, production has averaged 146,309 bopd, including 26,027 bopd sold into the local market.
The company's realized prices for local sales currently average around USD 40 per barrel, with payments received upfront and revenues split 50/50 with the Kurdistan Regional Government.
"We are ramping up production, export and local sales following the recently completed Tawke capacity expansion," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We will dust off investment plans as our revenue stream continues to grow," he added.
In early May, DNO completed a two-year investment program doubling Tawke wellhead, processing and pipeline capacity to 200,000 bopd with the addition of ten horizontal wells, two production trains and a 44-kilometer, 24-inch pipeline.
DNO will hold its Annual General Meeting in Oslo today at 10:00 AM CET at the Thon Hotel Vika Atrium.
DNO 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.