DNO ASA - Earnings Release 2020 | FinancialReports.eu

DNO Reports KRG Payments, Ramps Up Production

Oslo, 13 April 2021 - DNO ASA, the Norwegian oil and gas operator, today

reported receipt of USD 54.0 million net to the Company from the Kurdistan

Regional Government (KRG), of which USD 35.2 million represents DNO's

entitlement share of February 2021 crude oil deliveries to the export market

from the Tawke license in Kurdistan.

Of the balance, USD 4.6 million is an override payment equivalent to three

percent of gross February 2021 Tawke license revenues under the August 2017

receivables settlement agreement and USD 14.2 million is a payment towards the

Company's arrears relating to withheld payment of Tawke license 2019 and 2020

entitlement and override invoices. Following receipt of the latest arrears

payment, the outstanding balance has dropped from USD 259.0 million at the end

of 2020 to USD 238.6 million.

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

Tawke and Peshkabir fields, with partner Genel Energy plc holding the balance.

With resumption of payments, the partners have stepped up drilling of new wells

at Peshkabir and workovers of existing wells at Tawke in 2021, raising gross

operated license production from an average of 110,300 barrels of oil per day

(bopd) in 2020 to 110,900 bopd in January, 112,000 bopd in February, 113,100

bopd in March and 115,500 bopd month-to-date in April.

For further information, please contact:

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.

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