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Receipt of payment for KRI oil exports from Tawke field

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Oilfield Technology,

Genel Energy plc (‘Genel’) has noted the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of US$15.0 million from the Kurdistan Regional Government for oil sales during May 2016.

The payment reflects part settlement of the invoiced amount of US$39.28 million for May 2016 Tawke oil sales. This figure incorporates US$32.95 million towards contractor monthly entitlement and US$6.34 million towards recovery of historical receivables.

The payment will be shared pro-rata by DNO and Genel.

Tawke production in May averaged 117 757 bpd, of which 114 848 bpd were earmarked for export.

Adapted from a press release by Louise Mulhall

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