Receipt of payment for KRI oil exports

RNS Number : 4126Y

Genel Energy PLC

08 September 2015

 

8 September 2015

Genel Energy plc

Receipt of payment for KRI oil exports from Taq Taq field

Genel Energy plc ('Genel' or 'the Company') is pleased to announce that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI') - Turkey pipeline. Genel's share of the gross Taq Taq payment is $16.5 million.

Murat Özgül, CEO of Genel, said:

"This payment is confirmation of the KRG's commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months. Regular payments would allow us to plan for continued investment in our KRI oil and gas assets, which have the potential to create significant further value for the Kurdistan Region of Iraq."

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For further information, please contact:

Genel Energy Ben Monaghan, 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 and resources in the Kurdistan Region of Iraq and, through its Miran and Bina Bawi gas fields, is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa.  For further information, please refer to www.genelenergy.com.

Disclaimer

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil & gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. Accordingly no reliance may be placed on the figures contained in such forward looking statements.

 

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