Genel Energy PLC: Receipt of payments for KRI oil sales (1200553)
26 May 2021 - 4:15PM
UK Regulatory
Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payments for KRI oil sales
26-May-2021 / 07:15 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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26 May 2021
Genel Energy plc
Receipt of payments for KRI oil sales
Genel Energy plc ('Genel' or 'the Company') announces that payments have been received from the Kurdistan Regional
Government ('KRG') for its entitlement for oil sales during March 2021.
Those payments are made up as follows:
(all figures USD million) Payment
Tawke 14.3
Taq Taq 2.1
Sarta 3.4
Total 19.8
As announced on 13 May, Genel and other KRI operators received a
letter from the KRG proposing an amendment to the recovery
mechanism and payment schedule for monies owed for oil sales from
November 2019 to February 2020 and the suspended override from
March to December 2020.
The entitlement payments for oil sales were, in line with other
operators, received ahead of the proposed amended schedule.
The Company has not yet received payments for March's invoices
under the recovery mechanism, regarding which it is engaging with
the KRG on their proposed amendments, nor the Tawke override.
Assuming the proposed revision to the terms of recovery stands, the
recovery payment will be USD3.1 million. The override payment will
be USD8.2 million. Given the proposed new schedule, Genel expects
to receive both payments shortly.
-ends-
For further information, please contact:
Genel Energy
+44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications
+44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is a socially responsible oil producer listed on
the main market of the London Stock Exchange (LSE: GENL, LEI:
549300IVCJDWC3LR8F94). The Company is one of the largest
London-listed independent hydrocarbon producers, with an asset
portfolio that positions us well for a future of fewer and better
natural resources projects. Genel has low-cost and low-carbon
production from the Sarta, Taq Taq, and Tawke licences in the
Kurdistan Region of Iraq, providing financial resilience that
allows investment in growth and the payment of a material and
sustainable dividend, even at a low oil price. Genel also continues
to pursue further growth opportunities. For further information,
please refer to www.genelenergy.com.
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ISIN: JE00B55Q3P39, NO0010894330
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 107343
EQS News ID: 1200553
End of Announcement EQS News Service
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