Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) (LSE:GENL) told investors it has received US$33.7mln of payments from the Kurdistan authorities.
The Kurdistan Regional Government made the payments which correspond to oil sales during the month of July, along with additional funds related to the recovery of past sales proceeds that are owed to the company.
Genel received US$15mln from sales Tawke field productions, plus US$8.8mln related to the ‘override’ facility for the operation. Some US$1.9mln was received for the Taq Taq field and US$3.4mln from the recently developed Sarta field.
“For the first time, Genel's production from Sarta was also included in the calculation of the receivable recovery payment,” the company noted.
The company is still owned some US$137mln from the KRG, to cover oil sales in the period between November 2019 to February 2020 and overdue override payments accrued from March to December 2020 when the government facility was suspended.