Genel Energy PLC Receipt of first payment under RSA (7046T)
October 16 2017 - 5:39AM
UK Regulatory
TIDMGENL
RNS Number : 7046T
Genel Energy PLC
16 October 2017
16 October 2017
Genel Energy plc
Receipt of first payment under Receivable Settlement
Agreement
Genel Energy plc ('Genel' or 'the Company') is pleased to
announce that the Company has received its first override payment
from the Kurdistan Regional Government ('KRG') under the Receivable
Settlement Agreement, effective as of 01 August 2017.
The payment of $6.03 million constitutes full settlement of the
Genel override invoice submitted to the KRG in early September, and
represents 4.5% of Tawke gross field revenues for the month of
August 2017.
An entitlement invoice for that month's export deliveries has
been issued separately and will be shared pro-rata with DNO upon
receipt.
-ends-
For further information please contact:
Genel Energy
Phil Corbett, Head of
Investor Relations +44 20 7659 5100
Andrew Benbow, Head of
Public Relations
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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