REG-Genel Energy PLC Genel Energy PLC: Receipt of payments for KRI oil sales

Genel EnergyAnnouncement

06/09/2021 07:05

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Receipt of payments for KRI oil sales

   06-Sep-2021 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   6 September 2021

                                        

                                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 June 2021.

    

   Genel's share of those payments is as follows:

    

   (all figures $ million) Payment
   Tawke                      15.0
   Tawke override              8.8
   Taq Taq                     1.9
   Sarta*                      3.4
   Receivable recovery         4.6
                     Total    33.7

    

   Following the receipt  of the  receivable recovery payment,  Genel is  now
   owed $137  million  from the  KRG  for oil  sales  from November  2019  to
   February 2020 and the suspended override from March to December 2020.  For
   the first time,  Genel's production from  Sarta was also  included in  the
   calculation of the receivable recovery payment.

    

   *Genel is awaiting confirmation from  the operator, Chevron, that  payment
   has been received. The Company expects this shortly and will not  announce
   the payment separately.

    

                                     -ends-

    

   For further information, please contact:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Communications
                                         +44 20 7390 0230
   Patrick d'Ancona 

    

   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  1 www.genelenergy.com.

    

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   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  121478
   EQS News ID:   1231263


    
   End of Announcement EQS News Service

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