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Genel Energy Plc receives US$29.9mln of oil payments

Along with the payments for August oil sales it also included owed payments for previous sales

Genel Energy PLC (LSE:GENL, OTC:GEGYY) told investors it received US$29.9mln from the Kurdistan Regional Government (RKG) for oil sales that took place in August.

The payments comprised US$13.7mln for sales of crude from the Tawke field, plus US$8.2mln for the Tawke field override payment, along with US$1.9mln for the Taq Taq field and US$2.2mln is expected for Sarta field oil sales.

It also received US$3.9mln of due receivables relating to prior oil sales.

Genel said it is owed US$128mln from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

The company this week released results for the third quarter, highlighting the business continued to “generate material positive cash flow” as it hiked its dividend 20%.

The North Iraq focused oil company said it received US$187mln of cash over the first nine months of 2021 versus US$142mln in the same period last year. Free cash flow (before investments in growth) was US$99mln.

Genel is increasing its interim dividend 20% to 6 US cents per share, for an US$18mln gross payout to shareholders. It had US$277mln of cash at the end of September and said net cash stood at US$8mln and net debt at US$2mln.

Read More: Genel Energy Plc receives US$29.9mln of oil payments

2021-11-05 03:27:00

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