By Jaime Llinares Taboada

Genel Energy PLC said Friday that it will make substantial compensation claims after the Kurdistan regional government decided to terminate the production sharing contracts for its Bina Bawi and Miran fields.

The oil-and-gas company said it has now received formal termination notices from the KRG.

"In these circumstances, the board has concluded that it is left with no practical alternative but to accept that the PSCs are terminated as a consequence of the KRG's repudiatory breach and to claim compensation from the KRG," Genel said.

Shares at 0818 GMT were down 5.6% at 124.0 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

December 10, 2021 03:47 ET (08:47 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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