DJ Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Recoverable Costs Award
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
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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:
a. GEMBBL should pay to the KRG the sum of USUSD26,868,905.29 for its recoverable costs;
b. 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 USD36 million originally claimed by the KRG, which Genel
disclosed in its January 2025 Trading Update.
-ends-
For further information, please contact:
Genel Energy
+44 20 7659 5100
Luke Clements
Vigo Consulting
+44 20 7390 0230
Patrick d'Ancona
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
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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 =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
April 04, 2025 11:41 ET (15:41 GMT)
