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Genel Energy Receives Payment for KRI Oil Exports

Source: www.gulfoilandgas.com 4/18/2018, Location: Middle East

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Genel Energy plc announces that the Taq Taq partners have received a gross payment of $8.30 million from the Kurdistan Regional Government ('KRG') for oil sales during January 2018. Genel's net share of the payment is $4.57 million.

Genel also notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $56.44 million from the KRG as paymentfor January 2018 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $14.07 million.

The Company has received an override payment of $7.86 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of January 2018, as per the terms of the Receivable Settlement Agreement.

In total, Genel's net share of payments relating to January 2018 exports totals $26.50 million.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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