Genel Energy has cut capital expenditure to just over $100 million for 2020, while operating expenditure will be reduced by 10% to around $40mn.
Genel Energy today confirmed the Taq Taq field partners have received a gross payment of $10.22million from the Kurdistan Regional Government for oil sales during June 2017.
Genel Energy (GENL) is to lose its chief financial officer while still struggling to find a replacement for Chairman Tony Hayward, it has been reported.
Genel Energy expects to record an impairment charge of $181million on its books for 2016 after reserves were downgraded at the Taq Taq field in Iraq.
Genel Energy has said it has received a share of $23.37million from the Kurdisatn Regional Government for oil sales during July this year.
Genel Energy said the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016.
Genel Energy has received $13million from the Kurdistan Regional Government as its share of March oil payments from the Taq Taq field in Northern Iraq.
Genel Energy has confirmed it is buying back $55.4million of bonds with a big chunk taken off their face value.
Genel Energy today confirmed it expected a $1billion impairment charge, after its estimated reserves in the Taq Taq field took a significant hit.