Receipt of payments for KRI oil exports
22 January 2018
Genel Energy plc
Receipt of payments for KRI oil exports from the Tawke PSC
Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $53.71 million from the Kurdistan Regional Government as payment towards October 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $13.43 million.
The override payment relating to October 2017 exports from the Tawke PSC has already been received. Going forward, the Company and the KRG have agreed to align the timing of Genel's override payments with entitlement payments from the Tawke PSC.
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 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, LEI: 549300IVCJDWC3LR8F94). 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 positioned to be a cornerstone provider of KRI 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.