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Genel Energy PLC confirms U$55.4mln bond buy-back

Kurdistan based oil producer Genel is buying back the debt back for 63 cents in the dollar.
Genel Energy PLC confirms U$55.4mln bond buy-back
The latest crude export payments were confirmed yesterday.

Genel Energy Plc (LON:GENL) has confirmed that it is buying back US$55.4mln of its US$730mln bonds (GENEL01 PRO) at a big discount to face value.

The Kurdistan based oil producer has told investors that it is paying 63% of the bonds' par value - in other words it is paying 63 cents in the dollar – to buy back the portion of the debt.

It added that the repurchased bonds would now be held on the group’s balance sheet. It didn’t previously hold any of its own bonds.

The company expects the transactions will complete on March 30.

Genel yesterday confirmed receipt of payments of around US$24mln for crude oil exports from the Tawke and Taq Taq fields in the Kurdistan region of northern Iraq. The payments comprise US$11.29mln gross for Tawke, and US$12.6mln for Taq Taq.

Genel said it will receive a pro-rata share of the money for 25%-owned Tawke, and it will get $6.9mln for its 44% interest in Taq Taq.

Further payments have also been made towards the recovery of arrears for past oil deliveries, with US$2.17mln paid for Tawke and US$2.5mln for Taq Taq.

Exports were impacted by a temporary shut-down of the export pipeline into Turkey, between February 17 and March 10. Crude deliveries in February averaged 66,427 bopd for Tawke, down from 119,390 bopd in January, and Genel said that Taq Taq averaged 62,091 bopd.

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February 29 2016

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