31st May 2016 10:13
LONDON (Alliance News) - Oil and gas explorer Genel Energy PLC on Tuesday said it has received a USD11.5 million payment from the Kurdistan regional government in Iraq.
Genel said the payment has been made to the partners working on the Taq Taq field and follows on from the USD11.0 million received last week.
The payment completes the settlement of the USD22.5 million invoiced amount for sales of Taq Taq oil made in April, Genel said.
Genel's share of the payment if USD6.3 million, taking the total the company has received for Taq Taq oil sales for April to USD12.4 million.
Genel shares were up 1.2% to 126.50 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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