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Genel Energy PLC: Receipt of payments for KRI oil sales

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Genel Energy PLC (GENL)
29-Jun-2021 / 07:00 GMT/BST
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The issuer is solely responsible for the content of this announcement.

29 June 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') relating to oil sales during April 2021.

 

Genel's share of those payments is as follows:

 

(all figures $ million)

Payment

Tawke

11.7

Tawke override

7.8

Taq Taq

1.9

Sarta*

2.2

Receivable recovery

2.8

Total

26.3

 

Genel has also received both outstanding payments relating to March's invoices. The Company received $3.1 million under the recovery mechanism, and the Tawke override payment of $8.2 million. Taken together with the payments announced on 26 May 2021, Genel received a total of $31.1 million relating to oil sales during March 2021.

 

Following the receipt of these payments, Genel is now owed $145 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

 

*Genel is awaiting confirmation from the operator, Chevron, that payment has been received. The Company expects this shortly, and will not announce the payment separately

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

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 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.

 


ISIN:

JE00B55Q3P39, NO0010894330

Category Code:

MSCM

TIDM:

GENL

LEI Code:

549300IVCJDWC3LR8F94

Sequence No.:

114090

EQS News ID:

1212931


 

End of Announcement

EQS News Service

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