Genel Energy PLC (LON:GENL) investors were evidently reassured as the Iraq-based oiler confirmed receipt of its latest payment from the Kurdistan Regional Government (KRG).
In a statement, Genel said the Taq Taq field partners had received some US$10.3mln from the KRG for crude oil sales made in October 2019.
Genel’s net share of the proceeds amounts to US$5.6mln.
READ: Genel reveals “resilient” results, confirms dividend
Also, the company noted that it received US$8.6mln from the KRG in relation to the Tawke field, it represented 4.5% of Tawke’s gross licence revenues from October which is in line with the terms of its Receivable Settlement Agreement.
This is in addition to the US$77mln paid to the Tawke field partners for crude sold via export in October, as announced on April 1, of which Genel’s net share is US$19mln.
Genel’s shares advanced by 4.9p or 5.45% to 92.8p.