Genel Energy plc (‘Genel’) notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $31.33 million from the Kurdistan Regional Government for oil sales during August 2016.
The payment reflects full settlement of the invoiced amount for August 2016 oil sales, and includes $26.27 million towards the monthly entitlement and $5.05 million towards recovery of historical receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in August averaged 96,709 bopd, of which 96,528 bopd was delivered for export through Turkey. This was down from July production levels of 117,992 bopd due to pipeline closures in Turkey and scheduled field facilities maintenance.