1st Dec 2022 14:17
(Alliance News) - Genel Energy PLC on Thursday said all payments relating to oil sales during this past July have been received from the Kurdistan regional government.
The oil company with exploration and production operations in northern Iraq said its share of those payments were an aggregate USD54.2 million.
In terms of payment breakdown, Tawke oil field sales were USD21.8 million, Tawke override sales were USD15.0 million, Taq Taq sales were USD2.4 million, Sarta sales were USD2.7 million, and receivable recovery sales were USD12.3 million.
Genel said it was owed USD120 million excluding interest for deferred receivables from the KRG for oil sales from November 2019 to February 2020. It has now received USD130 million. The override was suspended between March 2020 and December 2020. This would have earned Genel around USD38 million.
Shares in Genel were down 3.8% to 141.80 pence in London on Thursday afternoon.
By Greg Rosenvinge; [email protected]
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