Receipt of payment for KRI oil exports
7 February 2017
Genel Energy plc
Receipt of payment for KRI oil exports from Taq Taq field
Genel Energy plc (‘Genel’) is pleased to announce that the Taq Taq field partners have received a gross payment of $16.55 million from the Kurdistan Regional Government (‘KRG’) for oil sales during November 2016.
Genel’s net share of the payment is $9.10 million.
The payment reflects full settlement of the invoiced amount for November 2016 oil sales, and incorporates $13.83 million towards contractor monthly entitlement and $2.72 million towards recovery of historical receivables.
Gross oil sales from the Taq Taq field in November 2016 averaged 45,170 bopd, including both exports and Bazian refinery deliveries.
As agreed with the KRG, both exports and Bazian refinery deliveries during November 2016 were invoiced at the same pricing.
For further information, please contact:
Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations
|+44 20 7659 5100|
|+44 20 7830 9700|
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 .