Company Announcements

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:

1. GEMBBL should pay to the KRG the sum of US$26,868,905.29 for its recoverable costs;
2. 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