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Genel Energy: 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 $62.33 million from the Kurdistan Regional Government ('KRG') as payment for April 2018 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $15.55 million.

The Taq Taq partners have received a gross payment of $6.53 million from the KRG for oil sales during April 2018. Genel's net share of the payment is $3.59 million.

The Company has also received an override payment of $8.12 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of April 2018, as per the terms of the Receivable Settlement Agreement.

In total, Genel's net share of payments relating to April 2018 exports totals $27.26 million.


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Genel EnergyPaymentKRIOilOil ExportsKRGIraqi KurdistanKurdistanIraqTawkeTawke License

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