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Genel Energy receives oil payment for September

The company received US$4.3mln for its share of Taq Taq field sales and US$7.8mln for Tawke.

Genel Energy PLC - Genel Energy receives oil payment for September

Genel Energy PLC (LON:GENL) told investors it has received its latest payment for oil produced in Kurdistan, northern Iraq.

The company, in a statement, said that the partners in the Taq Taq field received US$7.8mln gross, of which Genel’s share amounts to US$4.3mln. The payment relates to oil sales in September.

Additionally, a further US$7mln ‘override’ payment was received from the KRG representing some 4.5% gross licence revenue for the Tawke field for the month of September.

READ: Genel Energy boasts successful year of production growth

“Genel reiterates that it expects regular payments to continue, as they had since September 2015, and to be fully up to date on all payments by the end of the first quarter,” the company said.

Earlier this month, in a trading update, ahead of full-year financial results due for release on 17 March, the group told investors that it delivered some 36,250 barrels of net oil production per day from the Kurdistan region of Northern Iraq.

The company pointed out that it brought 19 wells into production during 2019.

In terms of financials, Genel said that it received some US$317mln of cash proceeds from the Kurdish authorities in 2019, while the group’s free cash flow amounted to US$99mln before dividends.

Capital spending during the year amounted to US$161mln, with increased spend on growth assets.

Quick facts: Genel Energy PLC

Price: 85.6 GBX

LSE:GENL
Market: LSE
Market Cap: £236.19 m
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