DJ Genel Energy PLC: Update on Kurdistan Exports
Genel Energy PLC (GENL)
Genel Energy PLC: Update on Kurdistan Exports
23-Sep-2025 / 10:34 GMT/BST
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23 September 2025
Genel Energy plc
Update on Kurdistan Exports
Genel Energy Plc ("the Company") notes recent statements and media reports that suggest agreements have been reached
between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies to
resume the export of oil by pipeline from Kurdistan to Ceyhan.
The Company welcomes the significant progress made to date by all parties in seeking to resume exports from Kurdistan
and believes that straightforward adjustments to currently proposed terms, and a payment plan for overdue receivables,
would make the conditions for exports acceptable to the Company.
In an effort to resume exports as quickly as possible, the Company continues to work with peers and relevant
governments to achieve the appropriate conditions.
The Company refers to the public statement made by DNO, the Operator of the Tawke PSC.
DNO release - Oslo, 23 September 2025:
Possible Participation in Resumption of Exports Through the Iraq-Türkiye Pipeline
Oslo, 23 September 2025 - DNO ASA, the Norwegian oil and gas operator, today announced that it welcomes the reports
that agreements have been reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group
of international oil companies to resume exports of crude oil produced in Kurdistan through the Iraq-Türkiye Pipeline.
DNO has consistently stated that it is eager to resume exports but pursuant to agreements that ensure payment surety
for both past arrears and future exports based on the legal, economic and commercial terms of the production sharing
contracts the Company holds with Kurdistan.
"DNO's exposure is different than that of other international oil companies" said Executive Chairman Bijan
Mossavar-Rahmani. "Importantly, as the largest producer, the arrears owed to us by the KRG dwarf those of many of the
others," he said, "which also means that our exposure to future payment risk is also substantially higher than any
other company." Mr. Mossavar-Rahmani added that DNO has made proposals to Erbil to address this matter through, in his
words, "easy fixes that can be quickly agreed."
DNO and its joint venture partner Genel Energy International Limited have stepped up spending towards repairs to the
damage to the Tawke and Peshkabir fields following drone attacks in July 2025. Further investments are planned to drill
eight wells in the Tawke license in 2026 targeting gross operated production of up to 100,000 barrels a day.
Currently, DNO's net entitlement share of oil is sold on a cash and carry basis and transported by traders by road
tanker to local refineries at a per barrel price in the low USD 30s.
-ends-
For further information, please contact:
Genel Energy: Luke Clements, CFO +44 20 7659 5100
Vigo Consulting: Patrick d'Ancona +44 20 7390 0230
Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). For further information, please refer to www.genelenergy.com
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ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 402983 EQS News ID: 2202452 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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September 23, 2025 05:34 ET (09:34 GMT)
