Receipt of payment for KRI oil exports
11 April 2016
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 $19.88 million from the Kurdistan Regional Government ('KRG') for oil sales during March 2016. Genel's share of the gross Taq Taq payment is $10.93 million.
As agreed with the KRG, sales into the local market and deliveries to the Bazian refinery during March 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.
An additional $3.91 million payment ($2.15 million net to Genel) has been made towards recovery of the receivable.
In total, Genel received $13.08 million for the Taq Taq field for the month of March.
Gross oil sales from the Taq Taq field in March 2016 averaged 75,300 bopd.
For further information, please contact:
Phil Corbett, Head of Investor Relations
Andrew Benbow, Head of Public Relations
|+44 20 7659 5100|
|+44 20 7830 9708|
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.