Update on Kurdistan Payments
Oslo, 13 May 2021 – DNO ASA, the Norwegian oil and gas operator, today reported that Kurdistan’s Minister of Natural Resources has informed the international oil companies operating in the region of an intention to extend the payment period for arrears built up from non-payment of certain invoices in 2019 and 2020.
As widely reported, last December the Prime Minister of Kurdistan announced a decision to pay the companies 50 percent of incremental revenue in any month in which Brent prices exceed USD 50 per barrel towards the arrears. The revised terms reduce the payment of the withheld amounts to 20 percent of incremental revenue above USD 50 per barrel.
The Minister also advised that all international oil company invoices, including towards withheld amounts, will now be settled within 60 days of receipt.
DNO is reviewing its position and will engage with Kurdistan to seek agreement regarding payment terms, interest on the arrears and revised lifting arrangements.
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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.
