Genel Energy PLC (LON:GENL) has confirmed the receipt of a US$16mln from the Kurdistan Regional Government to the partners in the Tawke field.
The payment relates to oil sales in April, and also includes some arrears for past crude deliveries.
It is part settlement of US$32.3mln that was invoiced for April, Genel said. The invoiced amount comprised US$27.1mln towards the contractor’s monthly entitlement and US$5.2mln recovery of historical receivables it added.
During the month of April Genel’s 25% owned Tawke field produced 118,918 barrels of oil per day, of which some 117,815 bopd was earmarked for export. In the preceding month the field operated at 74,546 bopd.
The payment from the KRG is to be shared pro-rata between the Tawke partners Genel and DNO.
On Thursday, Genel also announced an US$11mln payment from the KRG for April oil sales from its 44% interest in the Taq Taq field.
Some US$22.45mln was invoiced for Taq Taq, comprising US$18.76mln as contractor entitlement and US$3.69mln for recovery of historical receivables.
Genel said it expects the balance of the April 2016 invoice is expected to be paid shortly. Its share of the cash paid so far amounted to US$6.05mln.