Genel, DNO Receive Payment for Tawke Oil Sales

Genel Energy plc notes the announcement from DNO ASA (DTNOY), as operator of the Tawke field, that the Tawke field partners have received a payment of $30 million from the Kurdistan Regional Government for oil sales during June 2016.
 
The payment reflects part settlement of the invoiced amount of $38.41 million for June 2016 Tawke oil sales. This figure incorporates $32.21 million towards contractor monthly entitlement and $6.19 million towards recovery of historical receivables.
 
The payments will be shared pro-rata by DNO and Genel.
 
Tawke production in June averaged 114,384 bopd, of which 113,601 bopd were earmarked for export.