Genel Energy PLC (LSE:GENL, OTC:GEGYY) told investors it has received a total of US$33mln of net payments for oil sales from the Tawke PSC for the month of September 2022.
The company, in a statement, noted that oil sales for September 2022 were priced by the Kurdish authorities using a new pricing formula based on the realised sales price for Kurdistan blend crude during the delivery month, rather than on dated Brent as it was previously.
It resulted in an US$11 per barrel adverse impact in the month of September, it noted, and therefore a US$2 per barrel impact on Genel’s working interest per barrel, equating to around US$1.9mln on sales totals for the month.
Genel noted that it is receiving US$16.1mln for its share of sales from the Tawke field, US$2.4mln from it share of the Taq Taq field’s sales, US$1.4mln from Sarta and US$13.1mln for the recovery of past receivables.