DNO Latest International Financial News – Tawke Oilfield, Kurdistan, Share Price and more – brought to you by Iraq Business News
DNO has reported oil flow at its Bastora-1 site in Iraqi Kurdistan. Drilling of exploration well Bastora-1 in the Erbil license commenced on 7 September. The well has been drilled to total depth of 3,600 meters. As previously reported hydrocarbons were observed while drilling through several of the prospective intervals. Two tests were undertaken in […]
DNO can confirm that export production tests at the Tawke oil field in the Kurdistan Region of Iraq commenced on 2 February. At present, the tested volumes are around 10,000 bopd. The technical tests are being conducted in close coordination with the Kurdistan Regional Government and the Northern Oil Company to ensure a responsible and […]
Iraqi Kurdistan has not yet started exporting crude oil, despite a reported agreement that exports would resume from 1st February, Iraqi oil ministry sources said on Tuesday. Two top oil ministry officials, speaking on condition of anonymity, told Platts that there had been no additional oil supplied from two producing fields in the Kurdish region […]
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 […]
DNO reports a working interest (WI) production of 9,883 bopd in November. The November net entitlement production was 6,355 bopd at an average realized oil price of USD 62 per barrel. As the local sales from the Tawke field recommenced in the beginning of December, the Company expects a WI production of around 20,000 bopd […]
The Minister for Natural Resources in the Kurdistan Regional Government, Ashti Hawrami, told Reuters that he expected talks in Baghdad on the formation of a new government to lead to an imminent breakthrough on the issue of oil exports from Kurdistan. “I am confident that the leadership between Kurdistan and Baghdad will address these issues […]
DNO International ASA, the first foreign company to pump oil in Iraq since the 1970s, has raised 360 million Norwegian kroner ($60 million) to fund exploration drilling and license acquisitions. DNO sold 45 million shares at 8 kroner each, a 5.8 percent discount from the previous closing price. The offering was oversubscribed, the company said. […]
Bloomberg reports that DNO International ASA, the Norwegian Oil company with operations in Iraqi Kurdistan, regards the formation of a new government in Iraq as an “important milestone” in paving the way for the resumption of oil exports from the Kurdish region. “Getting a government in place is a necessary step for this process to […]
Turkish oil company Genel Enerji AS has reportedly agreed to sell part of its stake in three northern Iraq oilfields to South Korea’s UI Energy Corp. for more than $175 million [210 billion Iraqi dinars]. BusinessWeek reports that Genel Enerji will sell 5 percent stakes in the Dohuk and Tawke fields and 10 percent of […]
The London Court of International Arbitration has disclosed the award in the arbitration proceedings between DNO Iraq AS, a subsidiary of DNO International ASA (DNO), and certain third party interests in the Kurdistan Region of Iraq. The award, which is conditional, does not specify any figure of damages to be paid by DNO, but rather […]
DNO's shares were up 0.9% in mid-morning trading on the Oslo stock exchange, following the release of July production figures. DNO’s working interest production increased from 23,478 bopd in June to 27,279 bopd in July, and net entitlement production increased from 15,135 to 17,621 bopd. The increase is mainly due to higher deliveries of crude […]
Sales and cash-flow were up at Norwegian oil producer DNO in the second quarter of 2010, but its shares are down 0.8% this morning on the Norwegian bourse. The company, which has significant operations in Iraqi Kurdistan, issued the following statement: DNO International ASA achieved an EBITDA of NOK 171 million [$27.8m] from total sales […]
