Oslo, 3 October 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 37.40 million from the Kurdistan Regional Government as payment towards July 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 31.37 million toward the monthly entitlement for July deliveries and USD 6.03 million toward the recovery of outstanding receivables for past deliveries.
Tawke production in July averaged 117,992 barrels of oil per day (bopd), of which 117,579 bopd were earmarked for export. This was up from June production levels of 114,384 bopd, of which 113,601 bopd were earmarked for export.
An amount of USD 8.41 million remains outstanding from the Kurdistan Regional Government for Tawke June deliveries to the export market. The total invoiced amount for June is USD 38.41 million, for which a partial payment of USD 30 million was received on 8 August 2016.
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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via Globenewswire