Receipt of payment for KRI oil exports (689101)

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 Genel Energy PLC (GENL) 
Receipt of payment for KRI oil exports 
 
24-May-2018 / 07:02 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      24 May 2018 
 
           Genel Energy plc 
 
           Receipt of payment for KRI oil exports 
 
 Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO 
    ASA, as operator of the Tawke PSC, that the Tawke partners have received 
$47.23 million from the Kurdistan Regional Government ('KRG') as payment for 
      February 2018 crude oil deliveries to the export market from the Tawke 
                licence. Genel's net share of the payment is $11.81 million. 
 
The Taq Taq partners have received a gross payment of $6.80 million from the 
 KRG for oil sales during February 2018. Genel's net share of the payment is 
                      $3.74 million. 
 
 The Company has also received an override payment of $6.85 million from the 
     KRG, representing 4.5% of Tawke gross licence revenues for the month of 
     February 2018, as per the terms of the Receivable Settlement Agreement. 
 
        Gross production from the Tawke licence stood at 111,618 bopd during 
 February, of which only 102,999 bopd was exported due to a planned pipeline 
       outage; the balance was placed into interim storage at Fishkhabur and 
                      exported the following month. 
 
   In total, Genel's net share of payments relating to February 2018 exports 
                      totals $22.40 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 an independent oil and gas exploration and production 
  company listed on the main market of the London Stock Exchange (LSE: GENL, 
    LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and 
offices in Ankara and Erbil, is one of the largest London-listed independent 
   oil producers, and is the largest holder of reserves and resources in the 
       Kurdistan Region of Iraq. Through its Miran and Bina Bawi fields, the 
     Company is positioned to be a cornerstone provider of KRI gas to Turkey 
    under the KRI-Turkey Gas Sales Agreement. 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.:  5577 
EQS News ID:   689101 
 
End of Announcement EQS News Service 
 
 
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May 24, 2018 02:03 ET (06:03 GMT)