Genel Energy PLC Receipt of payment for KRI oil exports (4598L)
October 03 2016 - 2:30AM
UK Regulatory
TIDMGENL
RNS Number : 4598L
Genel Energy PLC
03 October 2016
3 October 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 $37.40 million from the Kurdistan Regional
Government for oil sales during July 2016.
The payment reflects full settlement of the invoiced amount for
July 2016 oil sales, and includes $31.37 million toward the monthly
entitlement and $6.03 million towards recovery of historical
receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in July averaged 117,992 bopd, of which 117,579
bopd were earmarked for export. This was up from June production
levels of 114,384 bopd, of which 113,601 bopd were earmarked for
export.
An amount of $8.41 million remains outstanding from the
Kurdistan Regional Government for Tawke June deliveries to the
export market. The total invoiced amount for June is $38.41
million, for which a partial payment of USD 30 million was received
on 8 August 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 7016 9573
This announcement contains inside information.
Notes to editors:
Genel Energy is an independent oil and gas exploration and
production company listed on the mai 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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