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Genel Energy PLC (GENL)

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Wednesday 10 March, 2021

Genel Energy PLC

Receipt of payments for KRI oil sales

Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payments for KRI oil sales

10-March-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


10 March 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 for oil sales during January 2021.

 

Genel's share of those payments is as follows:

 

(all figures $ million)

Payment

Tawke

10.9

Tawke override

6.5

Taq Taq

2.6

Sarta

1.5

Receivable recovery

2.4

Total

23.9

 

Under the Tawke override payment mechanism, Genel receives 4.5% of monthly Tawke gross field revenues.

 

The receivable recovery payment relates to unpaid invoices from 2019 and 2020. For each cent above a monthly dated Brent average of $50/bbl, 0.5 cent per paying interest barrel produced will be paid towards monies owed.

 

Not included in the table is a receipt of $2.4 million (Genel share) relating to December sales, which was received in February and consequently not included in our reported January receipts.

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

 

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.: 95149
EQS News ID: 1174348

 
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