DNO reported better than expected second-quarter results, and said it plans to boost output from its Peshkabor field to 50,000 barrels of oil per day (bopd) by the year-end, after surpassing a previous target of 30,000 bopd in July, Reuters reported.

“With growing production and robust and reliable revenues, the dividend announcement underscores confidence in our strong growth prospects,” DNO Executive Chairman Bijan Mossavar-Rahmani said in a statement. “Kurdistan is back and so is DNO.”

The company plans to pay an annual dividend of 434 million Norwegian crowns ($51.57 million), with the payment to come in two tranches.

The first payment of 0.2 crowns per share is expected to be distributed to shareholders on Sept. 13.

Reporter’s code: 50101