Genel confirms April payment from Kurdistan authorities

Genel Energy
Operations in Kurdistan

Genel Energy, operator of the Tawke field, confirmed the field partners have received $16 million from the Kurdistan Regional Government for oil sales during April 2016.

The payment reflects part settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales, Genel said.

It incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.

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

Tawke production in April averaged 118,918 barrels of oil per day (bopd), of which 117,815 bopd were earmarked for export, up from an average of 74,546 bopd in March.