Genel receives payment for Taq Taq oil sales

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $21.33 million from the Kurdistan Regional Government for oil sales during September.

Genel’s net share of the payment is $11.73 million. The payment reflects full settlement of the invoiced amount for September 2016 oil sales, and incorporates $17.83 million towards contractor monthly entitlement and $3.50 million towards recovery of historical receivables. Gross oil sales from the Taq Taq field in September 2016 averaged 56,076 bopd.

The average Brent price applicable for September 2016 was $46.67/bbl. A $5/bbl discount to Brent, including $4/bbl transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.

At 9:51am: (LON:GENL) Genel Energy PLC share price was +0.75p at 79.25p

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