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
29-Jun-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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29 June 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 ('KRG') relating to oil sales during April 2021.
Genel's share of those payments is as follows:
(all figures USD million) Payment
Tawke 11.7
Tawke override 7.8
Taq Taq 1.9
Sarta* 2.2
Receivable recovery 2.8
Total 26.3
Genel has also received both outstanding payments relating to March's invoices. The Company received USD3.1 million under the recovery mechanism, and the Tawke override payment of USD8.2 million. Taken together with the payments announced on 26 May 2021, Genel received a total of USD31.1 million relating to oil sales during March 2021.
Following the receipt of these payments, Genel is now owed USD145 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.
*Genel is awaiting confirmation from the operator, Chevron, that payment has been received. The Company expects this shortly, and will not announce the payment separately
-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 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.: 114090 EQS News ID: 1212931 End of Announcement EQS News Service =------------------------------------------------------------------------------------ Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1212931&application_name=news
(END) Dow Jones Newswires
June 29, 2021 02:01 ET (06:01 GMT)
