Genel Energy PLC Bina Bawi acquisition update (0302Z)
September 15 2015 - 2:01AM
UK Regulatory
TIDMGENL
RNS Number : 0302Z
Genel Energy PLC
15 September 2015
15 September 2015
Genel Energy plc
Update on acquisition of interest in the Bina Bawi field
Genel Energy plc ('Genel' or 'the Company') is pleased to
announce that on 14 September 2015 it signed a definitive sale and
purchase agreement with OMV to acquire its 36% operated stake in
the Bina Bawi field. Completion of the acquisition is subject only
to government approval, which is expected shortly.
The consideration comprises an upfront payment of $5 million. A
contingent payment of $70 million is payable once gas production
exceeds agreed threshold volumes from the Miran and Bina Bawi
fields. A further contingent payment of $75 million is payable two
years after the date of the second payment.
In consideration of the Kurdistan Regional Government ('KRG')
agreeing to the transfer of OMV's stake in the Bina Bawi field, on
completion of the acquisition Genel will offset US$25 million
against monies owed by the KRG to Genel in respect of past expenses
incurred on the Miran field.
-ends-
For further information, please contact:
Genel Energy
Ben Monaghan, Chief Financial
Officer
Phil Corbett, Head of Investor
Relations
Andrew Benbow, Head of Public
Relations +44 20 7659 5100
Vigo Communications
Patrick d'Ancona +44 20 7016 9573
Notes to editors:
Genel Energy is an independent oil and gas exploration and
production company listed on the main market of the London Stock
Exchange (LSE: GENL). The Company, with headquarters in London and
additional offices in Ankara and Erbil, is the largest independent
oil producer and the largest holder of reserves and resources in
the Kurdistan Region of Iraq and, through its Miran and Bina Bawi
gas fields, 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.
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with the oil & gas exploration and production
business. Whilst the Company believes the expectations reflected
herein to be reasonable in light of the information available to
them at this time, the actual outcome may be materially different
owing to factors beyond the Company's control or within the
Company's control where, for example, the Company decides on a
change of plan or strategy. Accordingly no reliance may be placed
on the figures contained in such forward looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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