Extension to GLA conditions precedent schedule

RNS Number : 5943C

Genel Energy PLC

23 January 2018

 

23 January 2018

Genel Energy plc

Extension to Gas Lifting Agreement conditions precedent schedule

Genel Energy ('Genel' or 'the Company') is pleased to announce that it has agreed with the Kurdistan Regional Government ('KRG') a 12 month extension to the schedule for satisfying the conditions precedent ('CPs') contained within the Gas Lifting Agreements ('GLA's) for the Bina Bawi and Miran fields signed in February 2017. The revised date by which the CPs are to be satisfied or waived is 9 February 2019.

The CPs contained within the February 2017 GLAs included, inter alia, the execution of final agreements on the midstream gas processing facilities and pipeline transportation, and the completion of updated competent person's reports ('CPRs') for Bina Bawi and Miran. The CPRs relating to the contingent gas resources at the Bina Bawi and Miran West fields have recently been completed, details of which were announced on 19 January 2018.

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For further information, please contact:

Genel Energy 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, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is positioned to be a cornerstone provider of KRI 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.

 

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