Genel Energy Receives USD9.2 Million Payment From Kurdistan Government

Wed, 21st Mar 2018 09:10

LONDON (Alliance News) - Genel Energy PLC said Wednesday it had received a USD9.2 million payment for December oil sales from the Kurdistan government in Iraq.

Genel said the USD9.2 million gross payment included a USD1.5 million adjustment downwards as a result of a reconciliation with previous profit sharing contract entitlement payments between August and December 2017.

Genel will received USD5.1 million in net payment.

In 2017, Genel received total cash payments of USD263.0 million. This was up from USD207.0 million the year prior.

Shares in Genel were 0.9% higher at 153.20 pence on Wednesday.

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