Genel Energy confirms receipt of payment from Kurdistan government

Genel Energy announced on Friday that payment has been received from the Kurdistan Regional Government for oil sales during September.

The London-listed firm said the Taq Taq partners received a gross payment of $7.8m, with its net share of the payment totalling $4.3m.

It also received an override payment of $7m from the regional government, representing 4.5% of Tawke gross licence revenues for the month of September, under the terms of the receivable settlement agreement.

“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 board said in its statement.