Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc (‘Genel’) has noted the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of US$15.0 million from the Kurdistan Regional Government for oil sales during May 2016.

The payment reflects part settlement of the invoiced amount of US$39.28 million for May 2016 Tawke oil sales. This figure incorporates US$32.95 million towards contractor monthly entitlement and US$6.34 million towards recovery of historical receivables.

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

Tawke production in May averaged 117 757 bpd, of which 114 848 bpd were earmarked for export.

Adapted from a press release by Louise Mulhall