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

Genel EnergyAnnouncement

09/05/2022 07:15

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

   09-May-2022 / 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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   9 May 2022

                                        

                                Genel Energy plc

                                        

                     Receipt of payments for KRI oil sales

    

   Genel Energy plc ('Genel'  or ‘the Company’)  announces that all  payments
   have now  been received  from the  Kurdistan Regional  Government  (‘KRG’)
   relating to oil sales during January 2022.

    

   Genel’s share of those payments is as follows:

    

   (all figures $ million) Payment
   Tawke                      16.9
   Tawke override             10.2
   Taq Taq                     2.2
   Sarta                       2.2
   Receivable recovery         6.8
                     Total    38.3

    

   From 1 January 2022,  sales are priced at  netback adjustment prices  that
   reflect revised KRG  pipeline tariff  charges. The new  tariff includes  a
   component based on realised Brent and has impacted working interest  $/bbl
   for January by just over $1/bbl.

    

   Following the receipt  of the  receivable recovery payment,  Genel is  now
   owed $91 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:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Consulting
                                         +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
   progressive dividend.  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.:  160282
   EQS News ID:   1346449


    
   End of Announcement EQS News Service

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