Gulf Oil and Gas accountACCOUNT

Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 8/9/2017, Location: Middle East

Genel Energy plc announces that the Taq Taq field partners have received a gross payment of $12.24 million from the Kurdistan Regional Government (‘KRG’) for oil sales during May 2017.

Genel’s net share of the payment is $6.73 million. The payment reflects full settlement of the invoiced amount for May 2017 oil sales, and incorporates $11.06 million towards contractor monthly entitlement and $1.18 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in May 2017 averaged 16,817 bopd, including both exports and Bazian refinery deliveries.

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