DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 62.19 million as payment for March 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq. The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies' interests in the license.

Separately, a payment of USD 5.58 million has been received net to DNO, representing three percent of gross Tawke license revenues during March, as provided for under last August's receivables settlement agreement with the Kurdistan Regional Government.

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

Genel Energy plc notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.19 million from the Kurdistan Regional Government ('KRG') as payment for March 2018 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $15.52 million.

The Taq Taq partners have received a gross payment of $6.20 million from the KRG for oil sales during March 2018. Genel's net share of the payment is $3.41 million.

The Company has also received an override payment of $8.37 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of March 2018, as per the terms of the Receivable Settlement Agreement. 

In total, Genel's net share of payments relating to March 2018 exports totals $27.30 million.