Genel Energy finalises PSC, GLA documentation for Miran, Bina Bawi fields

Genel Energy has finalised documentation of previously agreed terms for the amended and restated production sharing contracts (PSC) and gas lifting agreements (GLA) for both the Miran and Bina Bawi gas fields.

With the PSC and GLA terms formally confirmed, Genel said it would now be able to progress the project.

The company said it remained committed to developing these large-scale, low-cost, onshore gas fields, which would form the cornerstone of gas exports to Turkey under the 2013 KRG-Turkey Gas Sales Agreement.

The amended and restated PSCs and GLAs for Miran and Bina Bawi took in the commercial terms as announced in the term sheets signed in 2015 by Genel and the Kurdistan Regional Government.

The GLAs contained conditions precedent, which, among other things, included the execution of final agreements on the midstream gas processing facilities and pipeline transportation, the execution of the financing documents and the completion of updated competent person's reports for Miran and Bina Bawi.

At 10:35 GMT, shares in Genel were up 1.01% to 75p each.