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

Genel EnergyAnnouncement

01/12/2022 07:45

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

   01-Dec-2022 / 07:35 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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   1 December 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 July 2022.

    

   Genel’s share of those payments is as follows:

    

   ┌───────────────────────┬───────┐
   │(all figures $ million)│Payment│
   ├───────────────────────┼───────┤
   │Tawke                  │   21.8│
   ├───────────────────────┼───────┤
   │Tawke override         │   15.0│
   ├───────────────────────┼───────┤
   │Taq Taq                │    2.4│
   ├───────────────────────┼───────┤
   │Sarta                  │    2.7│
   ├───────────────────────┼───────┤
   │Receivable recovery    │   12.3│
   ├───────────────────────┼───────┤
   │                  Total│   54.2│
   └───────────────────────┴───────┘

    

   Genel was owed $120 million, excluding interest, for deferred  receivables
   from the KRG for oil  sales from November 2019  to February 2020, and  has
   now received $130 million.  In addition, the  override was suspended  from
   March to December 2020, which would have earned Genel $38 million.

    

                                     -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.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  205293
   EQS News ID:   1502417


    
   End of Announcement EQS News Service

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