DNO ASA: DNO Reaffirms Commitment to Kurdistan
(Thomson Reuters ONE) -
Oslo, 4 March 2015 - DNO ASA, the Norwegian oil and gas operator, today
reaffirmed its commitment to operations in the Kurdistan region of Iraq in a
presentation by Executive Chairman Bijan Mossavar-Rahmani to the DNB Markets
8(th) Annual Oil, Offshore and Shipping Conference in Oslo.
Mr. Mossavar-Rahmani said that the company, present in Kurdistan since 2004,
produced its first 100 million barrels of oil at its flagship Tawke field in
February. "Output will pick up at Tawke this spring with the expansion of the
field's capacity to 200,000 barrels per day," he added.
A new 24-inch pipeline is already in place and Tawke-30, the last horizontal
production well in the current drilling campaign, has reached target depth and
is undergoing completion. Installation of the remaining surface processing
facilities is progressing on schedule.
"Our priority now is to work with the Kurdistan Regional Government to monetize
all oil produced at Tawke according to contractual entitlements," said Mr.
Mossavar-Rahmani.
Sales by DNO into the local market commenced in the first quarter and will be
stepped up with growing field deliverability as an interim measure to generate
ongoing revenues to the company.
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DNO ASA is an Oslo-listed, Middle East and North Africa focused oil and gas
company holding stakes in 20 blocks in various stages of exploration,
development and production both onshore and offshore in the Kurdistan Region of
Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates,
the Tunisian Republic and Somaliland.
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This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
[HUG#1899253]
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2015 - 08:44 Uhr
Sprache: Deutsch
News-ID 376034
Anzahl Zeichen: 2485
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO ASA: DNO Reaffirms Commitment to Kurdistan"
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