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Genel Energy receives close to US$10mln in oil payments for June

A total of US$34.7mln gross was paid by the KRG, amounting to around US$9.8mln net to Genel

Genel Energy PLC - Genel Energy receives close to US$10mln in oil payments for June

Genel Energy PLC (LON:GENL) confirmed it has received just under US$10mln in payments from the Kurdistan Regional Government for oil sales in the month of June.

The Taq Taq field partners received a gross payment of US$4.5mln, which sees Genel receive a net share of US$2.4mln.

READ: Genel’s Tawke can yield 100,000 bopd gross in 2020

For the Tawke operation, the partners received US$30.2mln gross resulting in a net payment to Genel of US$7.4mln.

In May, Genel told investors that average output from the 25%-owned Tawke production sharing contract in Kurdistan would amount to 100,000 barrels of oil per day (bopd) in 2020, assuming new wells aren’t drilled to arrest the natural decline.

In the first quarter, production from Tawke amounted to 115,210 bopd and in the second it was down to 100,000 bopd, while for the remainder of 2020 it is predicted at around 90,000 bopd.

Drill rigs were warm stacked earlier in the year pending recovery in oil prices, which would see new well operations resume.

Quick facts: Genel Energy PLC

Price: 182.36 GBX

Market: LSE
Market Cap: £507.03 m

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