DJ Genel Energy PLC: Receipt of payments for KRI oil sales
Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payments for KRI oil sales
13-Apr-2021 / 09:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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13 April 2021
Genel Energy plc
Receipt of payments for KRI oil sales
Genel Energy plc ('Genel' or 'the Company') announces that payments have been received from the Kurdistan Regional
Government for oil sales during February 2021.
Genel's share of those payments is as follows:
(all figures USD million) Payment
Tawke 11.4
Tawke override 6.9
Taq Taq 1.9
Sarta 1.6
Receivable recovery 5.4
Total 27.2
Under the Tawke override payment mechanism, Genel receives 4.5% of monthly Tawke gross field revenues.
The receivable recovery payment relates to unpaid invoices from 2019 and 2020. For each cent above a monthly dated Brent average of USD50/bbl, 0.5 cents per paying interest barrel produced will be paid towards monies owed.
As noted today by DNO ASA, operator of the Tawke PSC (Genel 25% working interest), following resumption of payments the partners have stepped up drilling of new wells at Peshkabir and workovers of existing wells at Tawke in 2021, raising gross operated licence production from an average of 110,300 bopd in 2020 to 110,900 bopd in January, 112,000 bopd in February, 113,100 bopd in March and 115,500 bopd month-to-date in April.
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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 Sarta, 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. -----------------------------------------------------------------------------------------------------------------------
ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 98737 EQS News ID: 1184054 End of Announcement EQS News Service =------------------------------------------------------------------------------------
(END) Dow Jones Newswires
April 13, 2021 04:00 ET (08:00 GMT)
