Genel Energy has finalised documentation of previously agreed terms of amended and restated production sharing contracts and gas lifting agreements for both the Miran and Bina Bawi gas fields.
The amended and restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the term sheets signed in 2015 by Genel and the Kurdistan Regional Government.
With the PSC and GLA terms formally confirmed, Genel will now be able to progress the project.
The company said it remained committed to developing these large scale, low-cost, onshore gas fields, which would form the cornerstone of gas exports to Turkey under the 2013 KRG-Turkey gas sales agreement.
At 9:32am: (LON:GENL) Genel Energy PLC share price was +1.5p at 75.75p
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