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DNO, Genel and Gulf Keystone will share $75m payout
01.12.2014 15:00
Kurds to pay three international oil companies
LONDON
Share prices in two London-listed companies and one listed in Oslo are expected to rise after news that Genel will report on Monday part-payment of contractor fees owed by the Kurdistan Regional Government.
Genel, founded by Tony Hayward the ex-boss of British Petroleum, has shown patience in the face of reduced payments by the KRG in recent months.
A combination of the costs involved in tackling the threat of Islamic State and poor relations between Baghdad and Erbil, resulting in the withholding of the KRG budget, are to blame.
In a statement earlier this month, Hayward said, “Exports will continue to rise and the KRG’s firm commitment to ensure contractors receive full entitlements will see a normalised payment process for this production early in 2015.”
Genel holds seven PSC licences, including in the highest producing KRI fields of Taq Taq and Tawke. It will announce a payment of $25 million.
Gulf Keystone, the other company listed on the London stock exchange, is in desperate need of the cash, as investors continue to express concern over its balance sheet. The company claims to be owed $250 million, and will disclose the amount it will receive later on Monday.
The third operator, DNO, also operates in the Tawke oil field, and will take the remaining share of the $75 million payout.
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01.12.2014 15:00
Kurds to pay three international oil companies
LONDON
Share prices in two London-listed companies and one listed in Oslo are expected to rise after news that Genel will report on Monday part-payment of contractor fees owed by the Kurdistan Regional Government.
Genel, founded by Tony Hayward the ex-boss of British Petroleum, has shown patience in the face of reduced payments by the KRG in recent months.
A combination of the costs involved in tackling the threat of Islamic State and poor relations between Baghdad and Erbil, resulting in the withholding of the KRG budget, are to blame.
In a statement earlier this month, Hayward said, “Exports will continue to rise and the KRG’s firm commitment to ensure contractors receive full entitlements will see a normalised payment process for this production early in 2015.”
Genel holds seven PSC licences, including in the highest producing KRI fields of Taq Taq and Tawke. It will announce a payment of $25 million.
Gulf Keystone, the other company listed on the London stock exchange, is in desperate need of the cash, as investors continue to express concern over its balance sheet. The company claims to be owed $250 million, and will disclose the amount it will receive later on Monday.
The third operator, DNO, also operates in the Tawke oil field, and will take the remaining share of the $75 million payout.
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