DNO strikes Kurdistan deal with Exxon

Kurdistan Region of Iraq

OSLO, September 8, 2017 – DNO has agreed to purchase a 32% net stake and take over operatorship of the Baeshiqa licence in the Kurdistan Region of Iraq from ExxonMobil, the Norwegian company announced on Friday.

The value of the deal, which saw the super-major retain a 32% net non-operated interest in the block, was not disclosed. Other stakeholders in the licence include the Turkish Energy Company (TEC) with a 16% net interest and the Kurdistan Regional Government with a 20% carried interest.

“We are pleased to partner with ExxonMobil, TEC and the government on this exciting exploration opportunity,” said DNO’s executive chairman, Bijan Mossavar-Rahmani, in a statement. “Following regularisation of export payments and a landmark agreement with the government to close out our historical receivables, our foot is back firmly on the accelerator.”

DNO also operates the Tawke, Peshkabir, Benenan and Bastora fields, which are situated in two separate licences in the KRI.

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