Genel Energy PLC (LSE:GENL, OTC:GEGYY) has received some US$56.3mln of payments for oil sales in the month of May.
The payments made by the Kurdistan Regional Government cover relate to production from the Tawke, Taq Taq, and Sarta field – along with the Tawke override facility and the recovery of some prior outstanding receivables.
It received some US$23.1mln covering production sold from Tawke, plus US$14.4mln for the Tawke override, while Taq Taq’s production accounted for US$US$2.6mln and Sarta contributed US$4mln.
A US$12.3mln payment of receivables reduces the outstanding balance owed to Genel down to US$46mln. The owed funds relate to oil sales in the period between November 2019 and February 2020 (and the temporary suspension of the override between April and December 2020).
Last month, Genel released interim results showing ‘transformed’ revenue and profit.
Revenue for the six months, ended June 30, totalled US$245.6mln versus US$151.5mln a year ago.
Earnings (EBITDAX) reached US$212.3mln, from US$123.1mln, and, cash flow from operations more than doubled to US$216.3mln, from US$91.1mln. Free cash flow scaled to US$128.7mln, versus US$22.2mln in the first half of 2021.
Genel exited the half with some US$412.1mln of cash in the bank and US$280mln of debt.