Receipt of payment for KRI oil exports

RNS Number : 8546S

Genel Energy PLC

22 March 2016

 

22 March 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 gross payment of $11.29 million from the Kurdistan Regional Government for February crude oil deliveries to export and local markets from the Tawke field under the payment arrangement announced earlier in 2016.

An additional $2.17 million gross payment has been made towards the recovery of outstanding entitlements for past deliveries.

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

Tawke deliveries for export in February 2016 averaged 66,427 bopd, down from a January 2016 average of 119,390 bopd, due to an extended closure of the Turkish segment of the export pipeline during the second half of the month. Tawke deliveries to the local market in February averaged 6,697 bopd, up from 1,370 bopd a month earlier. For purposes of pricing and entitlement payments, February deliveries to the local market were treated as deemed exports.

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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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