DNO Reports First Payment Under Kurdistan Receivables Settlement
(Thomson Reuters ONE) -
Oslo, 16 October 2017 - 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 1 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 USD 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.
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For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
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DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North
Africa region and the North Sea. 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, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.
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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 Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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
Unternehmensinformation / Kurzprofil:
Datum: 16.10.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 563721
Anzahl Zeichen: 2097
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO Reports First Payment Under Kurdistan Receivables Settlement"
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