The stock of Norwegian Northern Iraq producer DNO rocketed 18 percent on Friday to close out a month in which company has generated gains of 68 percent, just as the Kurdsish Regional Government okayed the export of oil from the Tawke field to Turkey.
DNO stock raced skyward at first on mere news of a plan to switch its Norwegian-kroner-denominated bonds for three future issues of bonds in the strenghtening U.S. dollars.
But late in the Tuesday came the real market moving news: a tie-in to the Northern Strategic Pipelines through Turkey is nearing completion and meetings witht Kurdish Regional Government produced an OK for first-quarter 2009 exports.
The Kurds also look nearly ready to allow exports from the Taq Taq field, for now "the only other potentially producing field" in the Kurdistan Region of Iraq.
"As per today DNO has not received an authorization for export of oil from Tawke," a statement said, adding, "In sum, the above confirms that there is progress according to plan for tie-in as well as export of oil from the Tawke Field."
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Bravo for the success of a risky project in Kurdistan, it will rise the living standard of the Kurdish people and the Swedish shareholders will be rewarded at the just price of the risks involved. I would have another exploration block to propose DNO in Madagascar as DNO is involved in Mozambique just in front of the Mozambique Canal Please call me at +33 622 990 622 Alain Gachet CEO of Radar Technologies France
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