Genel Energy PLC Receipt of payment for KRI oil exports (1890O)
05 February 2016 - 6:30PM
UK Regulatory
TIDMGENL
RNS Number : 1890O
Genel Energy PLC
05 February 2016
05 February 2016
Genel Energy plc
Receipt of payment for KRI oil exports from Taq Taq field
Genel Energy plc ('Genel') is pleased to announce that the Taq
Taq field partners have received a gross payment of $16.3 million
from the Kurdistan Regional Government ('KRG') for oil exported
through the Kurdistan Region of Iraq-Turkey pipeline. Genel's share
of the gross Taq Taq payment is $9 million.
As the Ministry of Natural Resources announced on 1 February
2016, the payment is based on the monthly production entitlement,
inclusive of crude quality differentials compared to Brent and the
deduction of applicable transportation charges and handling
costs.
Payments will be subject to full reconciliation with the terms
of the production sharing contract in due course.
An additional $3.2 million payment ($1.8 million net to Genel),
equivalent to five percent of the gross monthly netback revenue of
the field, has been made towards the recovery of the
receivable.
The KRG has stated that payments will be increased as oil prices
rebound.
In total, Genel received $10.8 million for the Taq Taq field for
the month of January.
-ends-
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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