Friday, 03 December 2021 01:51 GMT

DNO receives Tawke payment


(MENAFN- Emirates News Agency (WAM))

OSLO, 10th November 2017 (WAM) -- DNO ASA, the Norwegian oil and gas operator, today reported receipt of US$46.53 million from the Kurdistan Regional Government in Iraq as payment for August 2017 crude oil deliveries to the export market from the Tawke licence. The funds will be shared by DNO and its partner in the licence.

Separately, a payment of US$ 4.27 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke licence revenues during September 2017, as provided for under the recent receivables settlement agreement.

DNO operates and has a 75 percent interest in the Tawke licence, which contains the Tawke and Peshkabir fields. Combined production from the two fields year-to-date has averaged 110,000 barrels of oil per day.

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.

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