Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

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.

Jamie_55a91591db06b.jpg


Register here to be notified of future GENL Company articles
View full GENL profile

Genel Energy PLC Timeline

Newswire
February 29 2016

Related Articles

A drill rig
July 24 2016
Greka recently sunk two directional wells as part of a previously struck contract with the Indian oil giant Essar.
oildrill.jpg
November 02 2015
The Octant team has already delivered success with these assets, which were sold as part of US$101mln deal with Afren five years ago
oilAmerica.jpg
November 12 2015
Rose, on an enterprise value (market cap, minus cash) of just £1.2mln, must be one of the more ludicrous examples of psychology driving the sector.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.