Genel Energy PLC Receipt of payment for KRI oil exports (4126Y)
08 September 2015 - 1:15PM
UK Regulatory
TIDMGENL
RNS Number : 4126Y
Genel Energy PLC
08 September 2015
8 September 2015
Genel Energy plc
Receipt of payment for KRI oil exports from Taq Taq field
Genel Energy plc ('Genel' or 'the Company') is pleased to
announce that the Taq Taq field partners have received a gross
payment of $30 million from the Kurdistan Regional Government
('KRG') for oil exported through the Kurdistan Region of Iraq
('KRI') - Turkey pipeline. Genel's share of the gross Taq Taq
payment is $16.5 million.
Murat Özgül, CEO of Genel, said:
"This payment is confirmation of the KRG's commitment,
reiterated twice in August, to pay contractors for oil exports, and
we look forward to the normalisation of oil export payments in
coming months. Regular payments would allow us to plan for
continued investment in our KRI oil and gas assets, which have the
potential to create significant further value for the Kurdistan
Region of Iraq."
-ends-
For further information, please contact:
Genel Energy
Ben Monaghan, Chief Financial
Officer
Phil Corbett, Head of Investor
Relations
Andrew Benbow, Head of Public
Relations +44 20 7659 5100
Vigo Communications
Patrick d'Ancona +44 20 7016 9573
Notes to editors:
Genel Energy is an independent oil and gas exploration and
production company listed on the main market of the London Stock
Exchange (LSE: GENL). The Company, with headquarters in London and
additional offices in Ankara and Erbil, is the largest independent
oil producer and the largest holder of reserves and resources in
the Kurdistan Region of Iraq and, through its Miran and Bina Bawi
gas fields, is set to be a cornerstone provider of gas to Turkey
under the KRI-Turkey Gas Sales Agreement. Genel also continues to
pursue further growth opportunities within the Middle East and
Africa. For further information, please refer to
www.genelenergy.com.
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with the oil & gas exploration and production
business. Whilst the Company believes the expectations reflected
herein to be reasonable in light of the information available to
them at this time, the actual outcome may be materially different
owing to factors beyond the Company's control or within the
Company's control where, for example, the Company decides on a
change of plan or strategy. Accordingly no reliance may be placed
on the figures contained in such forward looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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