Genel Energy Update on Tawke Licence Exports

Genel Energy has announced the resumption of crude oil exports from Kurdistan through the Iraq-Türkiye Pipeline. This follows agreements between Iraq's Federal Government, the Kurdistan Regional Government, and several international oil companies.

Currently, Genel Energy continues to sell oil from the Tawke licence domestically on a cash upfront basis. DNO ASA, a Norwegian operator, will manage the commencement of exports, delivering the Kurdistan Regional Government's share, which averages 38,000 barrels per day. The foreign contractor group, including Genel Energy, will sell 30,000 barrels per day locally under existing contracts.

The contracts with the governments are set to expire at the end of the year. The first payment, set at USD 14 per barrel after transportation costs, is expected in mid-December and will be adjusted in 2026 based on an assessment of commercial models.