22nd Mar 2016 08:21
LONDON (Alliance News) - Genel Energy PLC on Tuesday said it has received payments for oil exports from two of it fields in the Kurdistan region of Iraq.
Genel said it was paid USD12.6 million by the Kurdistan Regional Government in relation to exports from the Taq Taq field. Its share of the payment will be USD6.9 million.
Genel also said DNO ASA, its partner on the Tawke field, has received a gross payment of USD11.3 million for exports from that site. Genel said the payment will be shared pro-rata between the partners on the project. Genel has a 25% stake in the field, meaning it will get a payment of USD2.8 million.
Genel shares were up 2.6% to 92.62 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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