logo-loader
viewGenel Energy PLC

Genel Energy receives latest oil payments from Kurdistan Regional Government

Business as usual is how it would appear for Genel in the Kurdistan region of northern Iraqi

Genel Energy PLC - Genel Energy receives latest oil payments from Kurdistan Regional Government

Genel Energy PLC (LON:GENL) on Wednesday confirmed the receipt of US$6.7mln in oil payments from the Kurdistan Regional Government (KRG).

In a statement, the Iraq-based crude producer reported that the partners in the Taq Taq oil field were paid US$6.7mln gross for oil sales in August 2019, and, its 44% net share amounted to US$3.6mln.

It noted that an override payment of US$7.4mln was also received from the KRG, representing 4.5% of August’s gross licence revenue for the Tawke field.

READ: Genel’s new Taq Taq well to start producing ‘soon’

The company added that an update on further payments will be included in a trading and operations update scheduled for 16 January.

Earlier this week, Genel told investors that the TT-34 well at the Taq Taq field will commence production “around the middle of January”.

The TT-34 well has shown test flow rates of over 3,900 barrels of oil per day (bopd), though it is expected to yield between 1,500 and 2,000 bopd once it comes on stream.

On Monday, Genel said that individual zone testing is underway to determine the long-term production strategy, the company said, adding the rig has now moved to drill the TT-35 well, also on the northern flank of the field, currently preparing to spud.

Overall the Taq Taq field is producing around 13,650 bopd.

Quick facts: Genel Energy PLC

Price: 147.8 GBX

LSE:GENL
Market: LSE
Market Cap: £410.4 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genel Energy PLC named herein, including the promotion by the Company of Genel Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

on 11/11/19

2 min read