Genel Energy plc Announces Receipt of initial payment for KRI exports
2 December 2014
Genel Energy plc ('Genel') is pleased to announce that the Taq Taq field partners have received an initial gross payment of $30 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. Genel's net share of these payments is $24 million.
Genel believes that this is an important first step towards the normalisation of payments for oil exported through the pipeline. Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015.
Oil exports by pipeline from the KRI continue to grow and recently exceeded 350,000 bopd.
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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 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 additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves and resources in the Kurdistan Region of Iraq and, through its Miran and Bina Bawi gas fields, 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.