REG-Genel Energy PLC Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Arbitration Award made in favour of Kurdistan Regional Government

Genel EnergyAnnouncement

02/12/2024 16:45

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran
   PSCs / Arbitration Award made in favour of Kurdistan Regional Government

   02-Dec-2024 / 16:35 GMT/BST

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   2 December 2024

                                        

                                Genel Energy plc

                                        

         Update on arbitration regarding the Bina Bawi and Miran PSCs /

       Arbitration Award made in favour of Kurdistan Regional Government

    

   Genel Energy plc (‘Genel’) announces that it has today received a copy  of
   the award (the ‘Award’)  in respect of the  London Court of  International
   Arbitration claim brought by the Kurdistan Regional Government (‘KRG’)  in
   December 2021 against the Genel  subsidiary, Genel Energy Miran Bina  Bawi
   Limited (‘GEMBBL’).

    

   The claim, commenced by the KRG in 2021, sought a declaration that the KRG
   had the  contractual right  to  terminate both  the Bina  Bawi  production
   sharing contract and the Miran production sharing contract.  Subsequently,
   the Genel Board concluded that it  was left with no practical  alternative
   but to accept that  in its view  both the Bina  Bawi and Miran  production
   sharing  contracts  were  terminated  as   a  consequence  of  the   KRG’s
   repudiatory breaches and to submit a counterclaim for damages from the KRG
   for loss of Genel’s rights to develop the Bina Bawi and Miran fields.

    

   The Tribunal has ruled that the  KRG validly terminated the Bina Bawi  and
   Miran production  sharing  contracts  and that  GEMMBL’s  counterclaim  is
   dismissed.  The  Tribunal  also reserved  for  determination in  a  future
   award(s) the allocation of the costs relating to the arbitration.

    

   Genel’s Chairman David McManus commented:

    

   “We are very disappointed that the  Tribunal found against GEMBBL in  this
   arbitration.  We  will  update  the  market  once  we  have  appropriately
   analysed the Tribunal’s Award.

    

   We remain of  the view that  we were left  with no option  but to seek  to
   defend our  rights in  this arbitration.  Our internal  team and  external
   advisors have worked diligently since the case was commenced by the KRG in
   December 2021 and we thank our team for all that work.”

    

                                     -ends-

                                        

   For further information, please contact:

    

   Genel Energy
                                          +44 20 7659 5100
   Luke Clements, Chief Financial Officer
                                           
   Vigo Consulting
                                          +44 20 7390 0230
   Patrick d’Ancona 

    

   This announcement includes inside information. The person responsible for
   arranging release of this announcement on behalf of Genel is Luke
   Clements, Chief Financial Officer.

    

   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  Tawke licence  in  the
   Kurdistan Region of Iraq.  Genel also continues  to pursue further  growth
   opportunities.    For    further    information,    please    refer     to
   www.genelenergy.com.

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           JE00B55Q3P39, NO0010894330
   Category Code:  MSCU
   TIDM:           GENL
   LEI Code:       549300IVCJDWC3LR8F94
   OAM Categories: 2.2. Inside information
   Sequence No.:   362612
   EQS News ID:    2042635


    
   End of Announcement EQS News Service

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