DJ Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Arbitration Award made in favour of Kurdistan Regional Government
Genel Energy PLC (GENL)
Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Arbitration Award made in favour of
Kurdistan Regional Government
02-Dec-2024 / 16:35 GMT/BST
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2 December 2024
Genel Energy plc
Update on arbitration regarding the Bina Bawi and Miran PSCs /
Arbitration Award made in favour of Kurdistan Regional Government
Genel Energy plc ('Genel') announces that it has today received a copy of the award (the 'Award') in respect of the
London Court of International Arbitration claim brought by the Kurdistan Regional Government ('KRG') in December 2021
against the Genel subsidiary, Genel Energy Miran Bina Bawi Limited ('GEMBBL').
The claim, commenced by the KRG in 2021, sought a declaration that the KRG had the contractual right to terminate both
the Bina Bawi production sharing contract and the Miran production sharing contract. Subsequently, the Genel Board
concluded that it was left with no practical alternative but to accept that in its view both the Bina Bawi and Miran
production sharing contracts were terminated as a consequence of the KRG's repudiatory breaches and to submit a
counterclaim for damages from the KRG for loss of Genel's rights to develop the Bina Bawi and Miran fields.
The Tribunal has ruled that the KRG validly terminated the Bina Bawi and Miran production sharing contracts and that
GEMMBL's counterclaim is dismissed. The Tribunal also reserved for determination in a future award(s) the allocation
of the costs relating to the arbitration.
Genel's Chairman David McManus commented:
"We are very disappointed that the Tribunal found against GEMBBL in this arbitration. We will update the market once
we have appropriately analysed the Tribunal's Award.
We remain of the view that we were left with no option but to seek to defend our rights in this arbitration. Our
internal team and external advisors have worked diligently since the case was commenced by the KRG in December 2021 and
we thank our team for all that work."
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For further information, please contact:
Genel Energy
+44 20 7659 5100
Luke Clements, Chief Financial Officer
Vigo Consulting
+44 20 7390 0230
Patrick d'Ancona
This announcement includes inside information. The person responsible for arranging release of this announcement on behalf of Genel is Luke Clements, Chief Financial Officer.
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 Tawke licence in the Kurdistan Region of Iraq. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCU TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 OAM Categories: 2.2. Inside information Sequence No.: 362612 EQS News ID: 2042635 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
December 02, 2024 11:35 ET (16:35 GMT)