DNO to Restart Operations in Kurdistan Region
Reference is made to DNO's Stock Exchange Notice dated September 21, 2009 in relation to the notice of the same date (the Notice) from the Kurdistan Regional Government (KRG) and the attached letter from the Ministry of Natural Resources (MNR) dated October 5, 2009.
DNO has been in continuous discussions with the KRG over the past weeks to address the issues raised in the Notice. Based on these discussions, the Company has sent the following two letters on behalf of the Board of Directors of DNO International ASA:
- One letter to distinguished leaders in the Kurdistan Region and Iraq
- One letter to MNR, Kurdistan Region
As a result of the attached letter from MNR, DNO's rights to its production sharing contracts are reinstated with immediate effect. DNO can thereby resume the role of Operator without any restrictions. Until a future payment mechanism for crude exports is in place, DNO will focus on local sales.
All issues with respect to the Notice from KRG have now been resolved and DNO is looking forward to continuing its successful cooperation with KRG to the benefit of the Kurdistan Region and all people of Iraq.
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