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Receipt of Payment for KRI Oil Exports from Taq Taq field

Source: www.gulfoilandgas.com 5/31/2016, Location: Middle East

Genel Energy plc announces that the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016. The payment follows the receipt of $11 million as announced on 26 May 2016.

The payment completes settlement of the invoiced amount of $22.45 million for April 2016 Taq Taq oil sales, an amount that incorporates $18.76 million towards contractor monthly entitlement and $3.69 million towards recovery of historical receivables.

Genel's net share of this payment is $6.3 million, with Genel's total net share for April 2016 Taq Taq oil sales being $12.35 million.

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