DNO reports first payment under Kurdistan receivables settlement

DNO ASA, the Norwegian oil and gas operator, today reported the first payment from the Kurdistan Regional Government under the recently concluded agreement covering outstanding receivables for past crude oil deliveries. Under the agreement, effective 1st August 2017, the company was assigned the government's 20 percent interest in the Tawke license as well as three percent of gross Tawke license revenues payable monthly over a five-year period.

The payment of US$4.02 million to DNO represents three percent of gross Tawke license revenues during August. An entitlement invoice for that month's export deliveries has been issued separately and will be shared pro-rata with Genel Energy plc upon receipt. Following the receivables settlement, DNO's stake in the Tawke license stands at 75 percent with Genel holding the balance.

DNO ASA is a Norway-based 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. Its largest shareholder is UAE-based RAK Petroleum.