20th Jun 2016 13:12
LONDON (Alliance News) - Genel Energy PLC Monday said that its partners for the Taq Taq field in Kurdistan received a payment of USD10 million from the Kurdistan Regional Government for oil sales in May.
Genel's net share of that payment is USD5.5 million.
This payment reflects part of the invoiced amount of USD25.2 million 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 USD46.88 a barrel.
Shares in Genel Energy were up 5.5% at 144.00 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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