Receipt of payment for KRI oil exports

RNS Number : 5059Z

Genel Energy PLC

27 May 2016

 

27 May 2016

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $16 million from the Kurdistan Regional Government ('KRG') for oil sales during April 2016.

The payment reflects part settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales. This figure incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.

The payment will be shared pro-rata by DNO and Genel.

Tawke production in April averaged 118,918 barrels of oil per day (bopd), of which 117,815 bopd were earmarked for export, up from an average of 74,546 bopd in March.

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For further information, please contact:

Genel Energy Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations	[phone]
Vigo Communications Patrick d'Ancona	[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com. 

 

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