Genel Receives KRI Payment

Genel Energy plc announced Tuesday that the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016.

The payment follows the receipt of $11 million, as announced May 26, and completes the settlement of the invoiced amount of $22.45 million for April 2016 Taq Taq oil sales. This amount incorporates $18.76 million towards contractor monthly entitlement and $3.69 million towards the recovery of historical receivables.

Genel's net share of the payment is $6.3 million, with Genel’s total net share for April 2016 Taq Taq oil sales being $12.35 million.



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