Genel Enerji grabs a share in Tawke field

Bloomberg

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Kurdish authorities also assigned third-party interests in the Duhok production-sharing contract to Genel, a unit of Turkey’s Çukurova Group, and in the Erbil contract to a "private investor," the Oslo-based company said in a statement yesterday.

Duhok and Erbil are still in the exploration and appraisal phase, DNO said, adding the assignment for the Tawke field is effective from Jan. 1, 2009 with regards to cost sharing.

DNO’s cost-paying obligations now stand at 75 percent for Tawke and 60 percent for Erbil and Duhok, it said. The company holds a 55 percent working interest in the Tawke production- sharing contract, and 40 in both Erbil and Duhok, and will continue to work as the operator for the three contracts, it said.

The company will recover about $15 million in past costs related to these interests, it said. Genel Enerji owns about 4.8 percent of DNO’s shares, according to the statement.