Skip to main content

DNO Reports KRG Payments

Written by Customer Service on . Posted in Public Companies.

Oslo, 9 March 2021 – DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 42.4 million net to the Company from the Kurdistan Regional Government (KRG), of which USD 31.9 million represents DNO’s entitlement share of January 2021 crude oil deliveries to the export market from the Tawke license in Kurdistan.Of the balance, USD 4.3 million is an override payment equivalent to three percent of gross January 2021 Tawke license revenues under the August 2017 receivables settlement agreement and USD 6.2 million is a payment towards the Company’s arrears of USD 259.0 million relating to withheld payment of Tawke license 2019 and 2020 entitlement and override invoices.Monthly entitlement and override payments were withheld early last year by KRG which was hit by lower oil revenues and economic dislocations triggered by the Covid-19 pandemic. After a four-month hiatus, entitlement payments were resumed in March 2020 and override payments have now resumed with the January 2021 payment.The arrears payment is the first received under a KRG plan that, as from January 2021, if average Brent prices in any month exceed USD 50 per barrel, one-half of the incremental export revenue will be paid to the Tawke partners and shared prorata to their interests in the license.DNO operates and has a 75 percent stake in the Tawke license with partner Genel Energy plc holding the balance.  – For further information, please contact: 
Media: media@dno.no 
Investors: investor.relations@dno.no – DNO ASA is a Norwegian oil and gas operator focused on the Middle East 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, the United Kingdom, Netherlands, Ireland and Yemen. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.