At the end of Q1, DNO had $ 262 million in cash, up from $ 238 million at the end of 2015. Since September 2015, DNO has received 175 million from Kurdish KRG as payment for Tawke oil. Net went $ 128 million to DNO.
DNO had in addition to the substantial cash holdings also positive cash flow in the quarter.
-We are considering, as I said before, more uses for our cash. We are quite active now when it comes to looking at new investments to generate more volume in the portfolio. This is a very high priority applications, said CFO Haakon Sandborg DNO according to TDN Finans during the company’s quarterly presentation on Wednesday.
DNO looking at purchases of bonds. Sandborg think this is an interesting opportunity depending on how they are traded.
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