By John Lee.
DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq.
The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies' interests in the license.
Separately, a payment of USD 5.99 million has been received net to DNO, representing three percent of gross Tawke license revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.
Following regularization of export payments for Tawke license production since February 2016, the Company will no longer make monthly receipts announcements. The Company will instead update the market on export volumes and values as part of its quarterly financial reporting.