31 January 2022
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') relating to oil sales during October 2021.
Genel's share of those payments is as follows:
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(all figures $ million)
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Payment
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Tawke
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17.8
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Tawke override
|
10.3
|
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Taq Taq
|
2.1
|
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Sarta
|
3.1
|
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Receivable recovery
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6.5
|
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Total
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39.8
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Following the receipt of the receivable recovery payment, Genel is now owed $117 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.
-ends-
For further information, please contact:
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Genel Energy
Andrew Benbow, Head of Communications
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+44 20 7659 5100
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Vigo Consulting
Patrick d'Ancona
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+44 20 7390 0230
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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.
