October 16, 2017 / 6:09 AM / a year ago

BRIEF-DNO reports first payment under Kurdistan receivables settlement

Oct 16 (Reuters) - Dno Asa

* Reports first payment under Kurdistan receivables settlement

* Under the agreement effective 1 August 2017, the Company was assigned the Government’s 20 percent interest in the Tawke license as well as three percent of gross Tawke license revenues payable monthly over a five-year period

* ‍payment of $4.02 million to DNO represents three percent of gross tawke license revenues during august​

* ‍an entitlement invoice for that month’s export deliveries has been issued separately and will be shared pro-rata with genel energy plc upon receipt

* Following the receivables settlement, DNO’s stake in the Tawke license stands at 75 percent with Genel holding the balance​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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