Genel Energy PLC Receipt of payment for KRI oil exports (5041N)
26 October 2016 - 8:00PM
UK Regulatory
TIDMGENL
RNS Number : 5041N
Genel Energy PLC
26 October 2016
26 October 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 $22.18 million
from the Kurdistan Regional Government ('KRG') for oil sales during
August 2016.
Genel's net share of the payment is $12.20 million.
The payment reflects full settlement of the invoiced amount for
August 2016 oil sales, and incorporates $18.53 million towards
contractor monthly entitlement and $3.65 million towards recovery
of historical receivables.
Gross oil sales from the Taq Taq field in August 2016 averaged
57,668 bopd. The average Brent price applicable for August 2016 was
$45.77/bbl. A $5/bbl discount to Brent, including $4/bbl
transportation and handling costs, is applied to arrive at the Taq
Taq wellhead export netback price.
As agreed with the KRG, sales to the Bazian refinery during
August 2016 were invoiced at the wellhead export netback price, in
line with the payment mechanism announced by the KRG on 1 February
2016.
-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 7830 9708
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 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 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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