ERBIL, Kurdistan Region - Norwegian oil and gas operator DNO announced plans to distribute the first payments to its shareholders in 13 years due to successful drilling operations and increased revenues within the Kurdistan Region during the first half of 2018.
"With growing production and robust and reliable revenues, the dividend announcement underscores confidence in our strong growth prospects," DNO's Executive Chairman Bijan Mossavar-Rahmani said in a press release on Thursday.
"Kurdistan is back and so is DNO," he added.
Revenues have increased to $289 million, an 83 percent increase compared to the same time frame last year.
DNO also announced a net profit of $61 million with an additional $142 million of free cash flow during the first half of 2018.
Continued development in the Peshkabir field is expected to boost output from 15,000 barrels per day (bpd) to 50,000 bpd by the end of the year.
"Peshkabir is proving prolific in production and has generated over $300 million in gross revenue since startup last year or three times the investment," Mossavar-Rahmani stated.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields. Genel, headquartered in London, holds the remaining 25 percent.
The company announced earlier this year a boost in its investments for 2018 in the Kurdistan Region after reporting high revenues in late-2017 and having resolved its payment dispute with the KRG last year.
DNO is the most active drilling company in the Kurdistan Region with three rigs currently operating and a fourth to be added in September.
The KRG has said its revenues were nearly halved after the loss of Kirkuk and other disputed area oil facilities after the events of October 16 of last year.
"With growing production and robust and reliable revenues, the dividend announcement underscores confidence in our strong growth prospects," DNO's Executive Chairman Bijan Mossavar-Rahmani said in a press release on Thursday.
"Kurdistan is back and so is DNO," he added.
Revenues have increased to $289 million, an 83 percent increase compared to the same time frame last year.
DNO also announced a net profit of $61 million with an additional $142 million of free cash flow during the first half of 2018.
Continued development in the Peshkabir field is expected to boost output from 15,000 barrels per day (bpd) to 50,000 bpd by the end of the year.
"Peshkabir is proving prolific in production and has generated over $300 million in gross revenue since startup last year or three times the investment," Mossavar-Rahmani stated.
DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields. Genel, headquartered in London, holds the remaining 25 percent.
The company announced earlier this year a boost in its investments for 2018 in the Kurdistan Region after reporting high revenues in late-2017 and having resolved its payment dispute with the KRG last year.
DNO is the most active drilling company in the Kurdistan Region with three rigs currently operating and a fourth to be added in September.
The KRG has said its revenues were nearly halved after the loss of Kirkuk and other disputed area oil facilities after the events of October 16 of last year.
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