Genel Energy PLC: Receipt of payment for KRI oil exports

20 June 2018

 

Genel Energy plc

 

Receipt of payment for KRI oil exports

 

Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.19 million from the Kurdistan Regional Government ('KRG') as payment for March 2018 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $15.52 million.

 

The Taq Taq partners have received a gross payment of $6.20 million from the KRG for oil sales during March 2018. Genel's net share of the payment is $3.41 million.

 

The Company has also received an override payment of $8.37 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of March 2018, as per the terms of the Receivable Settlement Agreement.

 

In total, Genel's net share of payments relating to March 2018 exports totals $27.30 million.

 

-ends-

 

For further information, please contact:

 

Genel Energy Andrew Benbow, Head of Communications	+44 20 7659 5100
Vigo Communications Patrick d'Ancona	+44 20 7390 0230

 

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 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. For further information, please refer to www.genelenergy.com.