Genel to Seek Compensation After Kurdistan Terminates Bina Bawi, Miran Contracts
December 10 2021 - 3:02AM
Dow Jones News
By Jaime Llinares Taboada
Genel Energy PLC said Friday that it will make substantial
compensation claims after the Kurdistan regional government decided
to terminate the production sharing contracts for its Bina Bawi and
Miran fields.
The oil-and-gas company said it has now received formal
termination notices from the KRG.
"In these circumstances, the board has concluded that it is left
with no practical alternative but to accept that the PSCs are
terminated as a consequence of the KRG's repudiatory breach and to
claim compensation from the KRG," Genel said.
Shares at 0818 GMT were down 5.6% at 124.0 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
December 10, 2021 03:47 ET (08:47 GMT)
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