Receipt of payment for KRI oil exports
8 August 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 payment of $30 million from the Kurdistan Regional Government for oil sales during June 2016.
The payment reflects part settlement of the invoiced amount of $38.41 million for June 2016 Tawke oil sales. This figure incorporates $32.21 million towards contractor monthly entitlement and $6.19 million towards recovery of historical receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in June averaged 114,384 bopd, of which 113,601 bopd were earmarked for export.
For further information, please contact:
|Genel Energy Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations||+44 20 7659 5100|
|Vigo Communications Patrick d'Ancona||+44 20 7016 9573|
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.