23rd Jun 2016 06:47
LONDON (Alliance News) - Genel Energy PLC Thursday said it has received payments for oil exports during May from its two fields in the Kurdistan regional of Iraq, Taq Taq and Tawke, alongside payments for previous exports out of the country.
Genel and fellow London-listed Gulf Keystone Petroleum Ltd both produce oil in the region and are paid on a monthly basis for oil exported out of the country through the Iraq-Turkey pipeline, but both companies are also securing payments for previous exports made out of the country.
Genel said it has secured a gross payment of USD24.3 million from the Kurdistan regional government for oil exported from the Tawke field, adding to the USD15.0 million payment recieved earlier this week.
The payment brings the total consideration for May to USD39.3 million, broken down into USD33.0 million for exports in May and USD6.3 million for previous exports. That payment will be shared pro-rata by Genel and its partner, DNO ASA.
At the Taq Taq field, Genel said it has received a USD15.2 million payment from authorities, adding to a payment earlier this month of USD10.0 million.
That brings the total consideration for May up to USD25.2 million, of which USD21.0 million is for exports in May and USD4.1 million for previous exports. Genel's share of that total payment is USD13.8 million.
By Joshua Warner; [email protected]; @JoshAlliance
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