Gulf Oil and Gas accountACCOUNT

Receipt of Payment for KRI Oil Exports from Tawke Field

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

Genel Energy plc notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $35.45 million from the Kurdistan Regional Government as payment towards November 2016 crude oil deliveries to the export market from the Tawke field.

The payment reflects full settlement of the invoiced amount for November 2016 oil sales, and includes $29.73 million towards monthly entitlement and $5.72 million towards recovery of historical receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in November averaged 115,363 bopd, of which 115,081 bopd was delivered for export through Turkey.

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