Published On:May 6 2020
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Genel Energy PLC: Update on Bina Bawi PSC.

Genel Energy plc ('Genel' or 'the Company')  provides the following update  on

the Bina Bawi PSC.

Extensive documentation was received in mid-April from the Kurdistan  Regional

Government ('KRG') following the commercial understanding reached in September

2019.  The documentation, which  requires further negotiation, includes a  new

draft Production Sharing Contract ('PSC') that seeks to separate the  Jurassic

oil development from  the deeper  Triassic natural gas  development, with  oil

being developed on standard terms for the Kurdistan Region of Iraq.

Genel has been informed  by the KRG that  while negotiations are ongoing  with

respect to these documents it will not exercise the  notice of an intention to

terminate the Bina  Bawi PSC. Genel  continues to seek  a viable and  balanced

commercial way  forward  for  the  development of  Bina  Bawi's  gas  and  oil

resources, and is constructively engaging with the KRG to accelerate progress.

Genel continues  to minimise  spending  on Bina  Bawi until  further  tangible

progress is made during these negotiations.

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