DNO has been advised by the Kurdistan Regional Government (KRG) that it has completed the assignment of a 25% Third Party Interest in the Tawke Production Sharing Contract (PSC) to Genel Enerji. This right of appointing an additional party to the PSC is included in most of KRG's contracts, and in the case of Tawke, the right was scheduled to be exercised by the end of 2008.
The assignment process started in the last quarter of 2008, and it was agreed to by the end of last year, and all remaining formalities were recently finalized. The assignment is effective from January 1, 2009 for the purposes of paying costs.
Genel Enerji has a 44% working interest in the Taq Taq oil field and also holds an interest in the Kewa Chirmila exploration project. The Cukurova Holding Group is among Turkey's largest industrial and commercial conglomerates with numerous investments ranging from automotive, telecommunications, media, textiles, energy, transportation and information technology services.
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