10th Mar 2021 14:02
Genel Energy PLC - London-based oil company - Receives payment of USD23.9 million from the Kurdistan regional government for oil sales during January. The payment represents Genel's portion of sales from the Tawke, Taq Taq and Sarta fields. It includes USD10.9 million for Tawke, USD2.6 million for Taq Taq, and USD1.5 million for Sarta. The Tawke override payment is USD6.5 million. Under the Tawke override payment mechanism, Genel receives 4.5% of monthly Tawke gross field revenue. The receivable recovery is USD2.4 million. The receivable recovery mechanism catches up unpaid invoices from 2019 and 2020.
Current stock price: 185.80 pence, down 0.8% on Tuesday
Year-to-date change: up 29%
By Evelina Grecenko; [email protected]
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