Genel Energy PLC Receipt of payment for KRI oil exports (1063O)
02 November 2016 - 6:30PM
UK Regulatory
TIDMGENL
RNS Number : 1063O
Genel Energy PLC
02 November 2016
2 November 2016
Genel Energy plc
Receipt of payment for KRI oil exports from Tawke field
Genel Energy plc ('Genel') notes the announcement from DNO ASA,
as operator of the Tawke field, that the Tawke field partners have
received a payment of $31.33 million from the Kurdistan Regional
Government for oil sales during August 2016.
The payment reflects full settlement of the invoiced amount for
August 2016 oil sales, and includes $26.27 million towards the
monthly entitlement and $5.05 million towards recovery of
historical receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in August averaged 96,709 bopd, of which 96,528
bopd was delivered for export through Turkey. This was down from
July production levels of 117,992 bopd due to pipeline closures in
Turkey and scheduled field facilities maintenance.
-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 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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