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Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 6/20/2016, Location: Middle East

Genel Energy plc announces that the Taq Taq field partners have received a payment of $10 million from the Kurdistan Regional Government ('KRG') for oil sales during May 2016. Genel's net share of the partial payment for May 2016 Taq Taq oil sales is $5.5 million.

The payment reflects part settlement of the invoiced amount of $25.16 million for May 2016 Taq Taq oil sales. This figure incorporates $21.02 million towards contractor monthly entitlement and $4.13 million towards recovery of historical receivables. The balance of the May 2016 invoice is expected to be paid shortly.

Gross oil sales from the Taq Taq field in May 2016 averaged 63,697 bopd. The average Brent price applicable for May 2016 was $46.88/bbl. A $5/bbl discount to Brent, including transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.

As agreed with the KRG, sales to the Bazian refinery during May 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

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