Genel Energy PLC: Receipt of payments for KRI oil sales
Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payments for KRI oil sales
18-Oct-2022 / 07:00 GMT/BST
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18 October 2022
Genel Energy plc
Receipt of payments for KRI oil sales
Genel Energy plc ('Genel' or ‘the Company’) announces that all payments have now been received from the Kurdistan Regional Government (‘KRG’) relating to oil sales during June 2022.
Genel’s share of those payments is as follows:
(all figures $ million)
Payment
Tawke
24.6
Tawke override
15.5
Taq Taq
2.8
Sarta
2.8
Receivable recovery
13.5
Total
59.2
Genel was owed $120 million, excluding interest, for deferred receivables from the KRG for oil sales from November 2019 to February 2020, and has now received $117 million. In addition, the override was suspended from March to December 2020, which would have earned Genel $38 million.
-ends-
For further information, please contact:
Genel Energy
Andrew Benbow, Head of Communications
+44 20 7659 5100
Vigo Consulting
Patrick d’Ancona
+44 20 7390 0230
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 progressive dividend. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 195030 EQS News ID: 1465489
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