DNO ASA — a Kurdistan oil producer that is listed in Oslo — has acquired an energy company with licences in the North Sea for an undisclosed sum.

It has bought Origo, an oil and gas exploration company with stakes in licences on both the Norwegian and UK continental shelves.

According to a spokesman, the acquisition follows “a tumultuous few years for oil companies” in the semi-autonomous Kurdistan region of Iraq, during which “oil companies have struggled to secure regular payments in exchange for their crude exports”.

Meanwhile, the company has reported quarterly net profits of $15 million, reversing a net loss of $31 million in the previous quarter.

Its revenues increased by 83% to $77 million, and its production averaged 115,900 barrels of oil equivalent per day.