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Genel Energy PLC: Update on arbitration regar...
Genel Energy PLC: Update on arbitration regar....
About this update from Genel Energy Plc
Genel Energy PLC (GENL) Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Recoverable Costs Award 04-Apr-2025 / 16:40 GMT/BST 4 April 2025 Genel Energy plc Update on arbitration regarding the Bina Bawi and Miran PSCs / Recoverable Costs Award Genel Energy plc (‘Genel’) announces that it has today received from the Tribunal a copy of the Final Award on Costs ordering the Genel subsidiary, Genel Energy Miran Bina Bawi Limited (‘GEMBBL’), to pay recoverable costs incurred by the Kurdistan Regional Government (“KRG”) pursuant to the LCIA Rules and Arbitration Act (1996) in respect of the London Court of International Arbitration claim brought by the KRG in December 2021 against GEMBBL. The Tribunal has ordered that: GEMBBL should pay to the KRG the sum of US$26,868,905.29 for its recoverable costs; plus post-Award interest at a rate of the one-month US Dollar LIBOR (or SOFR, where LIBOR is unavailable) plus 2% (compounded monthly) from the date of the Final Award. GEMBBL notes that this sum is less than the sum of approximately $36 million originally claimed by the KRG, which Genel disclosed in its January 2025 Trading Update. -ends- For further information, please contact: Genel Energy Luke Clements +44 20 7659 5100 Vigo Consulting Patrick d’Ancona +44 20 7390 0230 Notes to editors: Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). For further information, please refer to www.genelenergy.com Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 381259 EQS News ID: 2112100 End of Announcement EQS News Service