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GENEL ENERGY GETS MORE TIME FOR GAS PROJECT

The Execution of Final Agreements on the Midstream Gas Processing Facilities and Pipeline Transportation, and the Completion of Updated Competent Person’s Reports

Genel Energy has announce that it has agreed with the Kurdistan Regional Government (KRG) a 12 month extension to the schedule for satisfying the conditions precedent (‘CPs’) contained within the Gas Lifting Agreements (‘GLA’s) for the Bina Bawi and Miran fields signed in February 2017.

The revised date by which the CPs are to be satisfied or waived is 9 February 2019.

The CPs contained within the February 2017 GLAs included, inter alia, the execution of final agreements on the midstream gas processing facilities and pipeline transportation, and the completion of updated competent person’s reports (‘CPRs’) for Bina Bawi and Miran.

The CPRs relating to the contingent gas resources at the Bina Bawi and Miran West fields have recently been completed, details of which were announced on 19 January 2018.

Source: Iraq Daily Journal

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