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2017-02-07

GENEL ENERGY FINANCE PLC: Receipt of payment for KRI oil exports

7 February 2017

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc (`Genel') notes the announcement from DNO ASA, as
operator of the Tawke field, that the Tawke field partners have
received a payment of $35.45 million from the Kurdistan Regional
Government as payment towards November 2016 crude oil deliveries to
the export market from the Tawke field.

The payment reflects full settlement of the invoiced amount for
November 2016 oil sales, and includes $29.73 million towards monthly
entitlement and $5.72 million towards recovery of historical
receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in November averaged 115,363 bopd, of which 115,081
bopd was delivered for export through Turkey.

-ends-

For further information, please contact:

Genel Energy +44 20 7659 5100
Phil Corbett, Head of Investor Relations
Andrew Benbow, Head of Public Relations

Vigo Communications +44 20 7830 9700
Patrick d'Ancona

Notes to editors:

Genel Energy is an independent oil and gas exploration and production
company listed on the mainmarket of the London Stock Exchange (LSE:
GENL). The Company, with headquarters in London and offices in Ankara
and Erbil, is one of the largest London-listed independent oil
producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields,
the Company is set to be a cornerstone provider of gas to Turkey
under the KRI-Turkey Gas Sales Agreement. Genel also continues to
pursue further growth opportunities within the Middle East and
Africa. For further information, please refer to www.genelenergy.com.

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http://news.cision.com/genel-energy-finance-plc/r/receipt-of-payment-for...
http://mb.cision.com/Main/10387/2181990/624657.pdf

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