Receipt of payment for KRI oil exports
12 April 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 gross payment of $16.87 million from the Kurdistan Regional Government for March crude oil deliveries to export and local markets from the Tawke field under the payment arrangement announced earlier in 2016.
An additional $3.24 million gross payment has been made towards the recovery of outstanding entitlements for past deliveries.
The payments will be shared pro-rata by DNO and Genel.
Tawke deliveries for export in March averaged 74,546 bopd, up from an average of 66,427 bopd in February. Export deliveries in March were impacted by the extended closure of the Turkish segment of the export pipeline during the first half of the month. Tawke deliveries to the local market in March averaged 4,446 bopd, down from 6,697 bopd a month earlier. For purposes of pricing and entitlement payments, March deliveries to the local market were treated as deemed exports.
During April to date, Tawke deliveries for export have averaged 117,256 bopd.
For further information, please contact:
|Genel EnergyPhil Corbett, Head of Investor RelationsAndrew Benbow, Head of Public Relations||+44 20 7659 5100|
|Vigo CommunicationsPatrick d'Ancona||+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.