LONDON: Genel Energy plc announces that the Taq Taq partners have received a gross payment of $6.7 million from the Kurdistan Regional Government (KRG) for oil sales during August 2019. Genel’s net share of the payment is $3.6 million.
The Company has also received an override payment of $7.4 million from the KRG, representing 4.5% of Tawke gross licence revenues for the month of August 2019, as per the terms of the Receivable Settlement Agreement.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange.
The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio.