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Genel Energy PLC (GENL)

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Wednesday 26 May, 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

26-May-2021 / 07:15 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


26 May 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 ('KRG') for its entitlement for oil sales during March 2021.

 

Those payments are made up as follows:

 

(all figures $ million)

Payment

Tawke

14.3

Taq Taq

2.1

Sarta

3.4

Total

19.8

 

As announced on 13 May, Genel and other KRI operators received a letter from the KRG proposing an amendment to the recovery mechanism and payment schedule for monies owed for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

 

The entitlement payments for oil sales were, in line with other operators, received ahead of the proposed amended schedule.

 

The Company has not yet received payments for March's invoices under the recovery mechanism, regarding which it is engaging with the KRG on their proposed amendments, nor the Tawke override. Assuming the proposed revision to the terms of recovery stands, the recovery payment will be $3.1 million. The override payment will be $8.2 million. Given the proposed new schedule, Genel expects to receive both payments shortly.

 

-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.: 107343
EQS News ID: 1200553

 
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