Genel Energy Receives Payment for Exports

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $15.24 million from the Kurdistan Regional Government ('KRG') for oil sales during March 2017.

Genel's net share of the payment is $8.38 million.

The payment reflects full settlement of the invoiced amount for March 2017 oil sales, and incorporates $13.76 million towards contractor monthly entitlement and $1.48 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in March 2017 averaged 20,417 bopd, including both exports and Bazian refinery deliveries.

(Source: Genel Energy)

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