Receipt of payments for KRI oil exports

RNS Number : 7092Z

Genel Energy PLC

19 December 2017

 

19 December 2017

Genel Energy plc

Receipt of payments for KRI oil exports from Tawke and Taq Taq PSCs

Genel Energy plc ('Genel' or 'the Company') announces the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during September 2017 from the Tawke and Taq Taq PSCs.

DNO ASA, as operator of the Tawke PSC, has announced the receipt of $54.32 million from the KRG as payment towards September 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $13.58 million.

The Taq Taq field partners have received a gross payment of $9.70 million from the KRG for oil sales during September 2017. Genel's net share of the payment is $5.33 million.

Genel has also received an override payment of $6.55 million from the KRG, representing 4.5% of Tawke gross field revenues for the month of October 2017, as per the terms of the Receivable Settlement Agreement.

Combined, Genel's December 2017 net receipts total $25.46 million.

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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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