DNO ASA - Earnings Release 2017 | FinancialReports.eu

DNO Reports Payment for Tawke Deliveries

Oslo, 22 January 2018 - DNO ASA, the Norwegian oil and gas operator, today

reported receipt of USD 53.71 million from the Kurdistan Regional Government as

payment for October 2017 crude oil deliveries to the export market from the

Tawke license. The funds will be shared by DNO and partner Genel Energy plc pro-

rata to the companies' interests in the license.

The payment to DNO of three percent of gross Tawke license revenues during

October 2017, as provided for under last August's receivables settlement

agreement, was previously received by the Company.

DNO operates and has a 75 percent interest in the Tawke license, which contains

the Tawke and Peshkabir fields. Combined production from the two fields

currently averages 110,000 barrels of oil per day.

For further information, please contact:

Tel: +47 911 57 197

DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North

Africa region 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, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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