December 19, 2017 / 6:16 AM / 8 months ago

BRIEF-DNO receives September, October payments from Iraqi Kurdistan

Dec 19 (Reuters) - Dno Asa:

* DNO REPORTS PAYMENT FOR TAWKE DELIVERIES

* ‍TODAY REPORTED RECEIPT OF USD 54.32 MILLION FROM KURDISTAN REGIONAL GOVERNMENT AS PAYMENT FOR SEPTEMBER 2017 CRUDE OIL DELIVERIES​

* ‍FUNDS WILL BE SHARED BY DNO AND PARTNER GENEL ENERGY PLC PRO-RATA TO COMPANIES’ INTERESTS IN LICENSE​

* ‍SEPARATELY, A PAYMENT OF USD 4.37 MILLION FROM KURDISTAN REGIONAL GOVERNMENT HAS BEEN RECEIVED NET TO DNO, REPRESENTING THREE PERCENT OF GROSS TAWKE LICENSE REVENUES DURING OCTOBER 2017​

* ‍PLEASED WITH REGULARITY OF PAYMENTS FOR OUR SHARE OF TAWKE LICENSE EXPORTS OVER COURSE OF YEAR NOTWITHSTANDING CHALLENGING CONDITIONS IN REGION​

* ‍TWELVE MONTHLY EXPORT INVOICES WERE PAID IN FULL DURING 2017 TOGETHER WITH THREE SCHEDULED PAYMENTS UNDER RECEIVABLES AGREEMENT, PROVIDING FUNDS AND CONFIDENCE TO CONTINUE TO MAKE SIGNIFICANT NEW INVESTMENTS​

* ‍DNO OPERATES AND HAS A 75 PERCENT INTEREST IN TAWKE LICENSE​

* ‍LICENSE CONTAINS TAWKE AND PESHKABIR FIELDS​

* ‍COMBINED PRODUCTION FROM TWO FIELDS YEAR-TO-DATE HAS AVERAGED 110,000 BARRELS OF OIL PER DAY AND IS EXPECTED TO CLIMB AS OPERATIONS RAMP UP AT PESHKABIR FIELD​ Source text for Eikon: Further company coverage: (Reporting by Oslo newsroom)

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