Genel Energy is paid for Taq Taq Sales; Shares Fall

By John Lee.

Genel Energy has announced that the Taq Taq field partners have received a payment of $11 million from the Kurdistan Regional Government for oil sales during April 2016.

Genel's net share of the partial payment for April 2016 Taq Taq oil sales is $6.05 million.

The payment reflects part settlement of the invoiced amount of $22.45 million for April 2016 Taq Taq oil sales. This figure incorporates $18.76 million towards contractor monthly entitlement and $3.69 million towards recovery of historical receivables. The balance of the April 2016 invoice is expected to be paid shortly.

Gross oil sales from the Taq Taq field in April 2016 averaged 67,405 bopd. The average Brent price applicable for April 2016 was $41.48/bbl. A $5/bbl discount to Brent, including transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.

As agreed with the KRG, sales to the Bazian refinery during April 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

Shares in Genel Energy were down 8 percent on Friday morning.

(Source: Genel Energy, Yahoo!)

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