REG-Genel Energy PLC Genel Energy PLC: Update on Status of Tawke Licence Exports

Genel EnergyAnnouncement

26/09/2025 08:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Status of Tawke Licence Exports

   26-Sep-2025 / 08:02 GMT/BST

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   26 September 2025

    

                                Genel Energy plc

                   Update on Status of Tawke Licence Exports

                                        

   Genel Energy (“the Company”) welcomes 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.

    

   The Company  continues  to  sell  oil  produced  from  the  Tawke  licence
   domestically on a cash up  front basis and notes  the release made by  DNO
   this morning.

    

   DNO Updates Status of Tawke License Oil Exports

    

   Oslo, 26 September  2025 - DNO  ASA, the Norwegian  oil and gas  operator,
   today announced that it been instructed to prepare for commencement of oil
   exports through the Iraq-Türkiye Pipeline on 27 September 2025,  following
   agreements reached between the Federal  Government of Iraq, the  Kurdistan
   Regional Government and a group of international oil companies.

    

   DNO accordingly will deliver the Kurdistan Regional Government’s share  of
   sales from  the  Company’s  operated Tawke  license,  currently  averaging
   38,000 barrels a day, for export. The balance of the oil, representing the
   share of sales the  foreign contractor group consisting  of DNO and  Genel
   Energy International Limited,  currently averaging 30,000  barrels a  day,
   will continue to be sold to local buyers under existing contracts.

    

   “DNO is pleased that  exports of oil from  the Kurdistan Region have  been
   unlocked and  will  now flow  to  international markets,”  said  Executive
   Chairman Bijan Mossavar-Rahmani. “We have  elected not to engage  directly
   in exports at this time  and will continue to sell  our oil on a  monthly,
   cash-and-carry, basis to our buyers at a  per barrel price in the low  USD
   30s,” he explained.

    

   “But we understand our buyers have set up their own arrangements to  place
   oil purchased from us into  the export pipeline, a  move we welcome as  it
   supports the larger export project,” Mr. Mossavar-Rahmani said.

    

   The term of the current agreements between the Federal Government of Iraq,
   the Kurdistan Regional  Government and those  international oil  companies
   which are participating ends at yearend, with the first payment of USD  14
   per  barrel  (after  deduction   of  transportation  costs)  expected   in
   mid-December. That figure will be adjusted in 2026 based on an  evaluation
   of “commercial models and contracts” by a Baghdad-designated consultant.

    

   “DNO has just launched a major  production expansion program at the  Tawke
   and Peshkabir fields to  replace equipment damaged  during the July  drone
   attacks, followed  by  the  drilling  of eight  wells  in  2026  targeting
   production of 100,000 barrels a  day,” said Mr. Mossavar-Rahmani. “We  can
   only support such  an ambitious  program with  immediate, predictable  and
   continuous flow of funds,” he said, “Maybe looking back we will have  left
   some  money  on  the  table,  maybe  not,  but  surely  we  will  generate
   significantly greater value from  the investments we  are making not  just
   for us, but for all Iraqis,” he added.

    

                                     -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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   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.:   403280
   EQS News ID:    2204160


    
   End of Announcement EQS News Service

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