By John Lee.
Norwegian oil and gas operator DNO, as operator of the Tawke field, has announced that the Tawke field partners have received a payment of $16 million from the Kurdistan Regional Government for oil sales during April 2016.
The payment reflects part settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales. This figure incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.
The payment will be shared pro-rata by DNO and Genel Energy.
Tawke production in April averaged 118,918 barrels of oil per day (bopd), of which 117,815 bopd were earmarked for export, up from an average of 74,546 bopd in March.
Shares in DNO were down 2.5 percent on Friday morning, with shares in Genel Energy falling 8 percent.
(Sources: DNO, Genel Energy, Yahoo!)