Genel Energy PLC: Receipt of payment for KRI oil exports (1013405)

 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Receipt of payment for KRI oil exports 
 
02-Apr-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      2 April 2020 
 
           Genel Energy plc 
 
           Receipt of payment for KRI oil exports 
 
 Genel Energy plc ('Genel' or 'the Company') announces that full payment has 
  been received from the Kurdistan Regional Government ('KRG') for oil sales 
                      during October 2019. 
 
The Taq Taq partners have received a gross payment of $10.3 million. Genel's 
                      net share of the payment is $5.6 million. 
 
  The Company has also received an override payment of $8.6 million from the 
     KRG, representing 4.5% of Tawke gross licence revenues for the month of 
      October 2019, as per the terms of the Receivable Settlement Agreement. 
 
       Taken together with the payment announced yesterday for Tawke licence 
    exports in the month, Genel has received payments relating to exports in 
                      October 2019 totalling $33.2 million. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
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 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 [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  56103 
EQS News ID:   1013405 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=1013405&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

April 02, 2020 02:00 ET (06:00 GMT)