REG-Genel Energy PLC Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Recoverable Costs Award

Genel EnergyAnnouncement

04/04/2025 16:45

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran
   PSCs / Recoverable Costs Award

   04-Apr-2025 / 16:40 GMT/BST

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   4 April 2025

     

                                        

                                Genel Energy plc

   Update on arbitration regarding the Bina Bawi and Miran PSCs / Recoverable
                                  Costs Award

    

   Genel Energy plc (‘Genel’) announces that  it has today received from  the
   Tribunal a copy of the Final Award on Costs ordering the Genel subsidiary,
   Genel Energy Miran Bina Bawi Limited (‘GEMBBL’), to pay recoverable  costs
   incurred by the Kurdistan Regional Government (“KRG”) pursuant to the LCIA
   Rules and  Arbitration  Act (1996)  in  respect  of the  London  Court  of
   International Arbitration  claim  brought  by the  KRG  in  December  2021
   against GEMBBL.

    

   The Tribunal has ordered that:

    a. GEMBBL should  pay to  the KRG  the sum  of US$26,868,905.29  for  its
       recoverable costs;
    b. plus post-Award interest at  a rate of the  one-month US Dollar  LIBOR
       (or SOFR, where  LIBOR is  unavailable) plus  2% (compounded  monthly)
       from the date of the Final Award.

    

   GEMBBL notes  that this  sum is  less than  the sum  of approximately  $36
   million originally  claimed  by the  KRG,  which Genel  disclosed  in  its
   January 2025 Trading Update.

    

                                     -ends-

    

   For further information, please contact:

   Genel Energy
                     +44 20 7659 5100
   Luke Clements
                      
   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).  For   further   information,   please   refer   to
    1 www.genelenergy.com

    

    

    

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   ISIN:           JE00B55Q3P39, NO0010894330
   Category Code:  MSCH
   TIDM:           GENL
   LEI Code:       549300IVCJDWC3LR8F94
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   381259
   EQS News ID:    2112100


    
   End of Announcement EQS News Service

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References

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