(Alliance News) - Genel Energy PLC on Friday said it has received a net payment of USD4.3 million from the Kurdistan regional government of Iraq for oil sales during September.
The oil production company said that the regional government paid Taq Taq partners a total of USD7.8 million, with Genel's net share amounting to USD4.3 million.
Genel also said it has received an overrride payment of USD7.0 million, representing 4.5% of the Tawke field gross licence revenues for September. It added that it expects regular payments from the government to continue with the expectation that all payments will be fully up to date by the end of the first quarter.
Earlier in January, Genel said its 2019 results were affected by the non-payment by the Kurdistan government of USD54 million for August and September sales. These were due to be paid in November and December, it said, but only USD28 million due for August had been paid as at that time.
Shares in London-headquartered Genel were up 0.1% at 187.00 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Genel Energy (GENL)