TIDMGENL

RNS Number : 1446W

Genel Energy PLC

10 November 2017

10 November 2017

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke and Taq Taq PSCs

Genel Energy plc ('Genel' or 'the Company') is pleased to announce the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during August 2017 from the Tawke and Taq Taq PSCs. Genel's net share of the payments is $16.86 million.

Combined with the payment for the September override received earlier this week, this brings the total November 2017 net receipts to $23.27 million.

DNO ASA, as operator of the Tawke PSC, has announced the receipt of $46.53 million from the KRG as payment towards August 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of payment is $11.63 million.

The Taq Taq field partners have received a gross payment of $9.51 million from the KRG for oil sales during August 2017. Genel's net share of the payment is $5.23 million.

-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 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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November 10, 2017 02:00 ET (07:00 GMT)

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