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DNO waiting on Iraqi cash

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1 DNO waiting on Iraqi cash on Wed Aug 19, 2009 3:28 pm


DNO waiting on Iraqi cash


DNO waiting on Iraqi cash
News wires
Norwegian producer DNO International said it has yet to receive payment for its Iraqi oil exports after posting a slightly better than expected second-quarter operating profit.

The first foreign oil company to drill in post-war Iraq, DNO largely failed to capitalise on its trail-blazer status because of deep rows between its partner - the Kurdistan Regional Government - and the Baghdad authorities over oil exports.
DNO said it was producing 50,000 barrels per day from the Tawke oilfield in Kurdish northern Iraq and exporting 45,000 bpd. It added it planned to maintain stable production from the field.
"Pricing and payment procedures have yet to be established for the international sales from the Tawke field," DNO said.
The company provided no timeframe for the export payments and said that in the meantime, revenues would be recorded on a net entitlement basis, applying estimated oil prices.
"When such payment procedures are in effect, DNO expects both increasing cash flow and strengthening of its financial position. In the meantime, DNO will maintain high focus on capital discipline," the company said, adding that it had access to "alternative funding, including sale of financial assets".
Meanwhile, the company later said that it has been assured by Kurdish officials that the export pay issue will be resolved.

DNO reported an operating profit of Nkr118 million Norwegian ($19.21 million) in the three months to the end of June from a Nkr125 million profit a year earlier, beating an average analyst forecast for Nkr96 million in a Reuters poll of 10 analysts.

Wednesday, 19 August, 2009, 07:01 GMT | last updated: Wednesday, 19 August, 2009, 07:35 GMT

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