Genel Energy signs extension with Kurdistan government

Oil and gas exploration and production business Genel Energy has reached an agreement with the Kurdistan Regional Government for a twelve-month extension to fulfil the conditions precedent within its gas lifting agreements in the region.

The condition precedents contained within the original February 2017 agreements included the execution of final agreements on the midstream gas processing facilities and pipeline transportation and the completion of an updated competent person's report for the Bina Bawi and Miran fields in the northwest corner of Iraq.

With the CPRs having been recently completed, Genel signed an agreement with the Kurdistan Regional Government to extend the date for satisfaction of the remaining conditions precedent within the GLAs until 9 February 2019.

As of 0840 GMT, shares had wormed ahead 0.22% to 135.30p.