Genel Energy PLC: Receipt of payments for KRI oil sales (1200553)

Genel Energy PLC (GENL) 
Genel Energy PLC: Receipt of payments for KRI oil sales 
26-May-2021 / 07:15 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
26 May 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') for its entitlement for oil sales during March 2021. 
 
Those payments are made up as follows: 
 
(all figures USD million)  Payment 
Tawke                    14.3 
Taq Taq                  2.1 
Sarta                    3.4 
Total                    19.8 

As announced on 13 May, Genel and other KRI operators received a letter from the KRG proposing an amendment to the recovery mechanism and payment schedule for monies owed for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

The entitlement payments for oil sales were, in line with other operators, received ahead of the proposed amended schedule.

The Company has not yet received payments for March's invoices under the recovery mechanism, regarding which it is engaging with the KRG on their proposed amendments, nor the Tawke override. Assuming the proposed revision to the terms of recovery stands, the recovery payment will be USD3.1 million. The override payment will be USD8.2 million. Given the proposed new schedule, Genel expects to receive both payments shortly.

-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 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.:  107343 
EQS News ID:   1200553 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1200553&application_name=news 
 

(END) Dow Jones Newswires

May 26, 2021 02:15 ET (06:15 GMT)