Genel Energy and partners receive Taq Taq payments

Genel Energy
Operations in Kurdistan

Genel Energy said it has received a $5.5million from the Kurdistan regional government for oil sales in May.

It partners in the Taq Taq field in Kurdistan received $10million, reflecting part of the invoiced amount of $25.2million for May’s Taq Taq oil sales.

The balance is expected to be paid shortly.

Gross sales from the field in May averaged 63,697 barrels of oil per day, and the average Brent price was $46.88 a barrel.

The payment reflects part settlement of the invoiced amount of $25.16 million for May 2016 Taq Taq oil sales.

This figure incorporates $21.02 million towards contractor monthly entitlement and $4.13 million towards recovery of historical receivables. The balance of the May 2016 invoice is expected to be paid shortly.

As agreed with the KRG, sales to the Bazian refinery during May 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.