Receipt of payment for KRI oil exports

RNS Number : 4978G

Genel Energy PLC

08 August 2016

 

8 August 2016

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $30 million from the Kurdistan Regional Government for oil sales during June 2016.

The payment reflects part settlement of the invoiced amount of $38.41 million for June 2016 Tawke oil sales. This figure incorporates $32.21 million towards contractor monthly entitlement and $6.19 million towards recovery of historical receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in June averaged 114,384 bopd, of which 113,601 bopd were earmarked for export.

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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). 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 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.

 

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