Receipt of payment for KRI oil exports
2 November 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 $31.33 million from the Kurdistan Regional Government for oil sales during August 2016.
The payment reflects full settlement of the invoiced amount for August 2016 oil sales, and includes $26.27 million towards the monthly entitlement and $5.05 million towards recovery of historical receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in August averaged 96,709 bopd, of which 96,528 bopd was delivered for export through Turkey. This was down from July production levels of 117,992 bopd due to pipeline closures in Turkey and scheduled field facilities maintenance.
For further information, please contact:
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.