DNO Receives Payment for Kurdish May Deliveries

DNO has reported receipt of US$69.03 million as payment for May 2018 oil deliveries to the export market from the Tawke Oil Field license in the Kurdistan region of Iraq.

The funds will be shared by the Norwegian oil and gas operator and its partner Genel Energy pro-rata to the companies' interests in the license, said a statement from the Norwegian energy giant.

Separately, a payment of US$5.99 million has been received net to DNO, representing 3% of gross Tawke license revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.

DNO, whose largest shareholder is RAK Petroleum, also listed on the Oslo Stock Exchange, operates and has a 75% interest in the Tawke license, which contains the Tawke and Peshkabir fields.

Following the regularization of export payments by the Kurdistan Regional Government, KRG, for Tawke license production since February 2016, the company will no longer make announcement of monthly receipts and will instead issue quarterly updates on export volumes and values, said the statement.

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 UAE, Tunisia and Somaliland.