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Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 2/7/2017, Location: Middle East

Genel Energy plc is pleased to announce that the Taq Taq field partners have received a gross payment of $16.55 million from the Kurdistan Regional Government ('KRG') for oil sales during November 2016. Genel's net share of the payment is $9.10 million.

The payment reflects full settlement of the invoiced amount for November 2016 oil sales, and incorporates $13.83 million towards contractor monthly entitlement and $2.72 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in November 2016 averaged 45,170 bopd, including both exports and Bazian refinery deliveries.

As agreed with the KRG, both exports and Bazian refinery deliveries during November 2016 were invoiced at the same pricing.

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