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Receipt of Payment for KRI oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 7/27/2016, Location: Middle East

Genel Energy plc (‘Genel’) announces that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government (‘KRG’) for oil sales during June 2016. Genel’s net share of the payment is $13.70 million.

The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 million towards contractor monthly entitlement and $4.09 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in June 2016 averaged 62,979 bopd. The average Brent price applicable for June 2016 was $48.34/bbl. A $5/bbl discount to Brent, including $4/bbl 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 June 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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