DNO Clarifies Position on Oil Exports from Kurdistan

Norwegian oil company DNO has issued a statement clarifying its position on exports from Kurdistan:

In a Stock Exchange Notice released on 24 January 2011 DNO made reference to a press released published by the KRG on 22 January 2011, where amongst other things it was reported that the central government in Baghdad and the Kurdistan Regional Government (KRG) has agreed to resume exports of crude oil from the Kurdistan Region of Iraq by February.

Furthermore it was reported by DNO that the Company has the facilities and infrastructure to commence exports from the Tawke oil field in Kurdistan on short notice, and that the Tawke facilities currently have an export capacity of at least 50,000 bopd.

In some media reports following the release of the Stock Exchange Notice from DNO, certain headlines and quotes suggested that DNO will not commence export from Tawke until the agreement between the KRG and the central government in Baghdad was clarified. These headlines and quotes are misleading and do not represent the position of the Company.

“We certainly share the common goal of resuming oil exports from the Kurdistan region as soon as possible and regret that this was misrepresented in certain media reports. DNO will continue to work closely with the KRG on all matters relating to our contracts and comply with the instructions given by the KRG as regulator”, says Helge Eide (pictured), Managing Director of DNO International ASA.

Currently DNO can not report any information beyond what was published by the KRG on 22 january 2011, and the Company will report to the market as soon as new and relevant information is available in this matter.

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