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Genel Energy PLC - oil & gas company with production assets in the Kurdistan region - On Monday, Genel Energy said the London Court of International Arbitration ruled that the Kurdistan Regional Government validly terminated the Bina Bawi and Miran production sharing contracts, dismissing a Genel Energy counterclaim. Genel notes the claim was brought by Kurdistan back in 2021 against Genel subsidiary Genel Energy Miran Bina Bawi Ltd. ‘The claim, commenced by the KRG in 2021, sought a declaration that the KRG had the contractual right to terminate both the Bina Bawi production sharing contract and the Miran production sharing contract. Subsequently, the Genel board concluded that it was left with no practical alternative but to accept that in its view both the Bina Bawi and Miran production sharing contracts were terminated as a consequence of the KRG’s repudiatory breaches and to submit a counterclaim for damages from the KRG for loss of Genel’s rights to develop the Bina Bawi and Miran fields,’ Genel adds. ‘The tribunal has ruled that the KRG validly terminated the Bina Bawi and Miran production sharing contracts and that GEMMBL’s counterclaim is dismissed. The tribunal also reserved for determination in a future award(s) the allocation of the costs relating to the arbitration.’ Current stock price: 71.70 pence each, down 19% on Tuesday afternoon in London 12-month change: up 1.4% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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