Genel Energy PLC Receipt of payment for KRI oil exports (7866U)

TIDMGENL

RNS Number : 7866U

Genel Energy PLC

22 January 2017

23 January 2017

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 $38.89 million from the Kurdistan Regional Government as payment towards October 2016 crude oil deliveries to the export market from the Tawke field.

The payment reflects full settlement of the invoiced amount for October 2016 oil sales, and includes $32.62 million towards monthly entitlement and $6.27 million towards recovery of historical receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in October 2016 averaged 108,122 bopd, of which 107,450 bopd was delivered for export through Turkey.

In 2016, Tawke production averaged 107,299 bopd, of which 105,536 bopd was delivered for export.

Tawke production during January to date has averaged 113,876 bopd.

-ends-

For further information, please contact:

 
 Genel Energy 
  Phil Corbett, Head of Investor 
  Relations 
  Andrew Benbow, Head of Public 
  Relations                         [phone] 
 
 Vigo Communications 
  Patrick d'Ancona                  [phone] 
 

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). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is thelargest 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

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January 23, 2017 02:00 ET (07:00 GMT)