Genel confirms $11.45m payment for Taq Taq oil sales in April

Genel Energy said the Taq Taq field partners have received a payment of $11.45m from the Kurdistan Regional Government for oil sales during April 2016.

Its shares were up almost 2% on the news.

This followed receipt of $11m announced 26 May and completed settlement of the invoiced amount of $22.45m for April 2016 Taq Taq oil sales.

This latter amount incorporated $18.76m towards contractor monthly entitlement and $3.69m towards recovery of historical receivables.

Genel's net share of this payment was $6.3m. Its total net share for April 2016 Taq Taq oil sales was $12.35m.