KRG exercises back-in right to Miran PSC

RNS Number : 7720A

Genel Energy PLC

24 February 2014

 

24 February 2014

Genel Energy plc

KRG exercises back-in right to Miran PSC

Genel Energy plc ("Genel" or "the Company") announces that, on 23 February 2014, the Kurdistan Regional Government ("KRG") notified the Company of its intention, pursuant to the Miran Production Sharing Contract ("PSC"), to exercise its Option of Government Participation.

Accordingly, Genel's working and paying interests in the Miran PSC will fall from 100% to 75%, with the KRG's working and paying interests at 25%.

The Miran PSC covers 761km² and contains the Miran gas, oil and condensate discovery, which has been independently assessed to contain gross mean contingent resources of 3.5 trillion cubic feet and 95 million barrels of oil and condensate.

On the back of the Turkey-KRG Gas Sales Agreement signed in November 2013, Genel is currently working with the KRG to put in place a Gas Sales Offtake Agreement for the Miran field by mid-year 2014. In parallel, the Company continues to screen a number of development concepts, incorporating both domestic and export supply options.  

-ends-

For further information, please contact:

Genel Energy Julian Metherell, Chief Financial Officer Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations

[phone]

Vigo Communications Patrick d'Ancona

[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within Africa and the Middle East. For further information, please refer to www.genelenergy.com.

 

END

 

 

MSCBGGDDSSDBGSS