Genel, DNO Confirm KRG Payments

Genel Energy plc and DNO ASA have received payment from the Kurdistan Regional Government (KRG) for oil sales during September.

DNO, as operator of the Tawke PSC, received $54.32 million from the KRG as payment for September crude oil deliveries to the export market from the Tawke license. Genel's net share of the payment is $13.58 million. Genel also received a net share of $5.33 million for oil sales from the Taq Taq field during the same period.

In addition to these payments, DNO and Genel received $4.37 million and $6.55 million, respectively, from the KRG, representing a share of gross Tawke license revenues during October.

"We are pleased with the regularity of payments for our share of Tawke license exports over the course of the year notwithstanding challenging conditions in the region," Bijan Mossavar-Rahmani, DNO's executive chairman, said in a company statement.

"Twelve monthly export invoices were paid in full during 2017 together with three scheduled payments under the receivables agreement, providing the funds and the confidence to continue to make significant new investments in Kurdistan," he added.

In a brief research note sent to Rigzone, oil and gas analysts from GMP FirstEnergy described the market reaction to KRG payments as ‘positive’.


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