REG-Genel Energy PLC Genel Energy PLC: Update on Kurdistan Exports

Genel EnergyAnnouncement

23/09/2025 10:45

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Kurdistan Exports

   23-Sep-2025 / 10:34 GMT/BST

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   23 September 2025

    

                                Genel Energy plc

                          Update on Kurdistan Exports

    

   Genel Energy Plc (“the Company”) notes recent statements and media reports
   that suggest agreements have been  reached between the Federal  Government
   of Iraq, the Kurdistan  Regional Government and  a group of  international
   oil companies to resume  the export of oil  by pipeline from Kurdistan  to
   Ceyhan.

    

   The Company welcomes the significant progress made to date by all  parties
   in  seeking  to   resume  exports   from  Kurdistan   and  believes   that
   straightforward adjustments  to currently  proposed terms, and  a  payment
   plan for  overdue  receivables,  would make  the  conditions  for  exports
   acceptable to the Company.

    

   In an  effort  to resume  exports  as  quickly as  possible,  the  Company
   continues to  work with  peers  and relevant  governments to  achieve  the
   appropriate conditions.

    

   The Company refers to  the public statement made  by DNO, the Operator  of
   the Tawke PSC.

    

   DNO release - Oslo, 23 September 2025:

    

   Possible Participation in Resumption  of Exports Through the  Iraq-Türkiye
   Pipeline

    

   Oslo, 23 September  2025 - DNO  ASA, the Norwegian  oil and gas  operator,
   today announced that  it welcomes  the reports that  agreements have  been
   reached between the  Federal Government  of Iraq,  the Kurdistan  Regional
   Government and a group of international oil companies to resume exports of
   crude oil produced in Kurdistan through the Iraq-Türkiye Pipeline.

    

   DNO has  consistently  stated that  it  is  eager to  resume  exports  but
   pursuant to agreements that  ensure payment surety  for both past  arrears
   and future exports based  on the legal, economic  and commercial terms  of
   the production sharing contracts the Company holds with Kurdistan.

    

   “DNO’s  exposure  is  different  than  that  of  other  international  oil
   companies” said Executive  Chairman Bijan Mossavar-Rahmani.  “Importantly,
   as the largest producer, the arrears owed to us by the KRG dwarf those  of
   many of  the others,”  he said,  “which also  means that  our exposure  to
   future payment risk is also substantially higher than any other  company.”
   Mr. Mossavar-Rahmani added that DNO has made proposals to Erbil to address
   this matter  through,  in his  words,  “easy  fixes that  can  be  quickly
   agreed.”

    

   DNO and its joint venture partner Genel Energy International Limited  have
   stepped up  spending  towards repairs  to  the  damage to  the  Tawke  and
   Peshkabir fields following drone attacks in July 2025. Further investments
   are planned to drill  eight wells in the  Tawke license in 2026  targeting
   gross operated production of up to 100,000 barrels a day.

    

   Currently, DNO’s net entitlement share of oil is sold on a cash and  carry
   basis and transported by traders by  road tanker to local refineries at  a
   per barrel price in the low USD 30s.

    

                                     -ends-

                                        

   For further information, please contact:

    

   Genel Energy: Luke Clements, CFO   +44 20 7659 5100
   Vigo Consulting: Patrick d’Ancona  +44 20 7390 0230

    

   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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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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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.:   402983
   EQS News ID:    2202452


    
   End of Announcement EQS News Service

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