Receipt of export payment

RNS Number : 5629S

Genel Energy PLC

03 December 2012

 



Genel Energy plc

3 December 2012

Genel Energy plc

Receipt of export payment

Genel Energy plc ("Genel Energy" or the "Company") is pleased to announce that following an agreement between Iraq's Central Government and the Kurdistan Regional Government on 13 September 2012, that a payment of $160 million was received by TTOPCO on 3 December 2012 in partial payment for historic export revenues from the Taq Taq field in the Kurdistan Region of Iraq. Genel Energy's share of the payment is $88 million. In addition, Genel Energy will also receive a payment of $44 million representing its share of a partial payment received by DNO International for past oil exports from the Tawke field. The total payment to be received by the Company of $132 million, reflects part of the total amount owed to Genel Energy for unpaid historic export revenues and will be recognised in the fourth quarter of 2012.

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For further information, please contact:

Genel Energy plc Julian Metherell Natalie Fortescue	+ 44 20 7659 5100
M: Communications Patrick d'Ancona Andrew Benbow	[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 the Middle East and Africa.  For further information, please refer to www.genelenergy.com.

 

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