Genel Energy plc Announces Receipt of payment for KRI oil exports from Tawke field

23 January 2017

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 $38.89 million from the Kurdistan Regional Government as payment towards October 2016 crude oil deliveries to the export market from the Tawke field.

The payment reflects full settlement of the invoiced amount for October 2016 oil sales, and includes $32.62 million towards monthly entitlement and $6.27 million towards recovery of historical receivables.

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

Tawke production in October 2016 averaged 108,122 bopd, of which 107,450 bopd was delivered for export through Turkey.

In 2016, Tawke production averaged 107,299 bopd, of which 105,536 bopd was delivered for export.

Tawke production during January to date has averaged 113,876 bopd.

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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 thelargest 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.