TIDMGENL

RNS Number : 1890O

Genel Energy PLC

05 February 2016

05 February 2016

Genel Energy plc

Receipt of payment for KRI oil exports from Taq Taq field

Genel Energy plc ('Genel') is pleased to announce that the Taq Taq field partners have received a gross payment of $16.3 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel's share of the gross Taq Taq payment is $9 million.

As the Ministry of Natural Resources announced on 1 February 2016, the payment is based on the monthly production entitlement, inclusive of crude quality differentials compared to Brent and the deduction of applicable transportation charges and handling costs.

Payments will be subject to full reconciliation with the terms of the production sharing contract in due course.

An additional $3.2 million payment ($1.8 million net to Genel), equivalent to five percent of the gross monthly netback revenue of the field, has been made towards the recovery of the receivable.

The KRG has stated that payments will be increased as oil prices rebound.

In total, Genel received $10.8 million for the Taq Taq field for the month of January.

-ends-

For further information, please contact:

 
 Genel Energy 
  Phil Corbett, Head of Investor 
  Relations 
  Andrew Benbow, Head of Public 
  Relations                         +44 20 7659 5100 
 
 Vigo Communications 
  Patrick d'Ancona                  +44 20 7016 9573

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 the largest independent oil producer and the largest holder of reserves and resources in the Kurdistan Region of Iraq and, through its Miran and Bina Bawi gas fields, 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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February 05, 2016 02:30 ET (07:30 GMT)

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