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Genel Energy Receives Full Payment for KRI Oil Exports

Genel Energy plc announces that full payment has been received from the Kurdistan Regional Government ('KRG') for oil sales during October 2019. The Taq Taq partners have received a gross payment of $10.3 million. Genel's net share of the payment is $5.6 million.

 

The Company has also received an override payment of $8.6 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of October 2019, as per the terms of the Receivable Settlement Agreement.

 

Taken together with the payment announced yesterday for Tawke licence exports in the month, Genel has received payments relating to exports in October 2019 totaling $33.2 million.

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