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Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 7/6/2017, Location: Middle East

Genel Energy plc announces that the Taq Taq field partners have received a gross payment of $13.38 million from the Kurdistan Regional Government (‘KRG’) for oil sales during April 2017. Genel’s net share of the payment is $7.36 million.

The payment reflects full settlement of the invoiced amount for April 2017 oil sales, and incorporates $12.09 million towards contractor monthly entitlement and $1.29 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in April 2017 averaged 18,151 bopd, including both exports and Bazian refinery deliveries.

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