DNO adds new Kurdistan licence

OSLO, May 4, 2018 – DNO has acquired the Baeshiqa licence in the Kurdistan Region of Iraq and will operate it with a 40% stake, international media reported on Thursday.

 

Its partners there are ExxonMobil, Turkish Energy Company and the Kurdistan Regional Government.

“We have the wind on our back with higher oil prices, timely export payments in Kurdistan, a growing portfolio of quality assets, efficient drilling and bold strategy execution,” said the company’s executive chairman Bijan Mossavar-Rahmani in an earlier statement.

On April 26, DNO announced Q1 net profit of USD 18 million and revenue of USD 142 million, which it said were the strongest figures it had posted in almost four years.

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