DNO, the Norwegian oil and gas company listed in Oslo and controlled by RAK Petroleum, swung to a loss for the second quarter as it struck a new deal with the Kurdistan Regional Government (KRG) to offset arrears.
The company reported a loss of US$12.9 million in the three months ending in June, compared to a profit of $4m a year earlier. Revenues increased 33 per cent to $81.7m as the company received regular payments from northern Iraqi region of Kurdistan.
The company announced on Thursday that it would pick up another 20 per cent interest from the KRG in the Tawke license, an arrangement to help trim the amount owed to the company. This will bring DNO’s operated stake to 75 per cent in the license containing the Tawke and Peshkabir fields, with production of more than 100,000 barrels of oil per day.
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Read more:
DNO reports strong first-quarter earnings
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"We are very pleased with the government's initiative to settle receivables and normalize export payments to the operators," said Bijan Mossavar-Rahmani, DNO's executive chairman. "This sends a strong positive signal to investors and helps restore confidence in Kurdistan's oil sector.”
DNO, along with other operators in Kurdistan such as Dana Gas, had previously suffered from a lack of payments from the government, compounding the pressure from a low oil price environment. However, Kurdistan has been paying its debt regularly for more than a year.
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Payments to DNO help RAK Petroleum trim losses
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The company received $91.2m from Kurdistan for outstanding payments and booked receivables in the second quarter. This brings DNO's export payments from Kurdistan to $181m in the first half of the year, of which $32m was toward past receivables. The company said that it will drill 15 new wells in the region this year after an upturn in consistent payments.
DNO plans to spend $130m this year, up from last year’s $36m, on the back of higher oil prices. This will also help the company turn its sights to Tunisia, where DNO plans to drill an exploration well during the first part of next year.
DNO shares rose 11 per cent to 10.03 Norwegian Krone from its opening price at 9 Krone.
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Guide to intelligent investing
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
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- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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- Should have a live feed of the drone flight
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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Install an air filter in your home.
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Shower or bath after being outside.
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Stay indoors when conditions are particularly poor.
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)