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Genel Energy PLC (GENL)

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Monday 06 September, 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

06-Sep-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.


6 September 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') relating to oil sales during June 2021.

 

Genel's share of those payments is as follows:

 

(all figures $ million)

Payment

Tawke

15.0

Tawke override

8.8

Taq Taq

1.9

Sarta*

3.4

Receivable recovery

4.6

Total

33.7

 

Following the receipt of the receivable recovery payment, Genel is now owed $137 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020. For the first time, Genel's production from Sarta was also included in the calculation of the receivable recovery payment.

 

*Genel is awaiting confirmation from the operator, Chevron, that payment has been received. The Company expects this shortly and will not announce the payment separately.

 

-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.: 121478
EQS News ID: 1231263

 
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