Genel Energy PLC Receipt of payment for KRI oil exports (5254I)
March 22 2018 - 2:15AM
UK Regulatory
TIDMGENL
RNS Number : 5254I
Genel Energy PLC
22 March 2018
22 March 2018
Genel Energy plc
Receipt of payment for KRI oil exports
Genel Energy plc ('Genel') notes the announcement from DNO ASA,
as operator of the Tawke PSC, that the Tawke partners have received
$62.46 million from the KRG as payment for December 2017 crude oil
deliveries to the export market from the Tawke licence. Genel's net
share of the payment is $15.62 million.
The Company has received an override payment of $7.88 million
from the KRG, representing 4.5% of Tawke gross licence revenues for
the month of December 2017, as per the terms of the Receivable
Settlement Agreement.
Including the payment for Taq Taq received yesterday, Genel's
net share of payments relating to December 2017 exports totals
$28.58 million.
Following the receipt of these payments, the full entitlement
for 2017 sales has been received.
-ends-
For further information, please contact:
Genel Energy
Andrew Benbow, Head of Communications +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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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