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DNO receives second payment for Kurdish production

September 22/2011

(Arabian oil and gas) -- Norwegian firm DNO International has announced that it receved its second part payment for exports of cruide from Iraqi Kurdistan. The company yesterday received USD 60 million from the Kurdistan Regional Government in respect of oil exports from the Tawke field operated by the Company in northern Iraq, following an initial delayed payment of USD 103.7 million made in June this year.

The Company had previously reported temporary reductions in production from the Tawke field to permit field performance evaluation. Reservoir monitoring efforts are ongoing but production has now been increased to 55,000 barrels a day.

Drilling and testing of exploration wells continue on other DNO blocks in Kurdistan as do engineering studies to increase output capacity of the fields in the Tawke and Erbil licenses.

DNO - and the other producers in the region - are likely to have to wait until the stymied hydrocarbon laws are passed before received payment for profit oil.

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