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Genel Energy PLC (GENL)
Receipt of payment for KRI oil exports
24-May-2018 / 07:02 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
24 May 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
$47.23 million from the Kurdistan Regional Government ('KRG') as payment for
February 2018 crude oil deliveries to the export market from the Tawke
licence. Genel's net share of the payment is $11.81 million.
The Taq Taq partners have received a gross payment of $6.80 million from the
KRG for oil sales during February 2018. Genel's net share of the payment is
$3.74 million.
The Company has also received an override payment of $6.85 million from the
KRG, representing 4.5% of Tawke gross licence revenues for the month of
February 2018, as per the terms of the Receivable Settlement Agreement.
Gross production from the Tawke licence stood at 111,618 bopd during
February, of which only 102,999 bopd was exported due to a planned pipeline
outage; the balance was placed into interim storage at Fishkhabur and
exported the following month.
In total, Genel's net share of payments relating to February 2018 exports
totals $22.40 million.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7830 9700
Patrick d'Ancona
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 [1].
ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 5577
EQS News ID: 689101
End of Announcement EQS News Service
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(END) Dow Jones Newswires
May 24, 2018 02:03 ET (06:03 GMT)
