TIDMGENL

RNS Number : 0588F

Genel Energy PLC

16 February 2018

16 February 2018

Genel Energy plc

Receipt of payment under Receivable Settlement Agreement

Genel Energy plc ('Genel' or 'the Company') announces that the Company has received an override payment of $7.05 million from the Kurdistan Regional Government.

The payment represents 4.5% of Tawke gross field revenues for the month of November 2017, as per the terms of the Receivable Settlement Agreement.

Taken together with the monthly entitlement payments for Taq Taq and Tawke announced yesterday, Genel's net share of payments relating to November 2017 exports totals $26.81 million.

-ends-

For further information, please contact:

 
 Genel Energy 
  Andrew Benbow, Head of Communications    +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

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February 16, 2018 02:00 ET (07:00 GMT)

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