Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payment for KRI oil exports
02-Apr-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
2 April 2020
Genel Energy plc
Receipt of payment for KRI oil exports
Genel Energy plc ('Genel' or 'the Company') announces that full payment has
been received from the Kurdistan Regional Government ('KRG') for oil sales
during October 2019.
The Taq Taq partners have received a gross payment of $10.3 million. Genel's
net share of the payment is $5.6 million.
The Company has also received an override payment of $8.6 million from the
KRG, representing 4.5% of Tawke gross licence revenues for the month of
October 2019, as per the terms of the Receivable Settlement Agreement.
Taken together with the payment announced yesterday for Tawke licence
exports in the month, Genel has received payments relating to exports in
October 2019 totalling $33.2 million.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is a socially responsible oil producer listed on the main
market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94).
The Company is one of the largest London-listed independent hydrocarbon
producers, with an asset portfolio that positions us well for a future of
fewer and better natural resources projects. Genel has low-cost and
low-carbon production from the Taq Taq and Tawke licences in the Kurdistan
Region of Iraq, providing financial resilience that allows investment in
growth and the payment of a material and sustainable dividend, even at a low
oil price. 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.: 56103
EQS News ID: 1013405
End of Announcement EQS News Service
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April 02, 2020 02:00 ET (06:00 GMT)
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