The company has now received nearly all previously outstanding payments

Genel Energy told investors it has received US$59.2mln of payments from the Kurdistan Regional Government (KRG), covering oil sales in the month of June.

It included US$13.5mln of receivable recovery payments and, in a statement, Genel noted that it has now been paid US$117mln of the US$120mln receivables previously owed to the company.

The latest monthly payments comprise US$24.6mln for oil sales from the Tawke field and US$15.5mln for the Tawke ‘override’ facility, plus a US$2.8mln contribution from both the Taq Taq and Sarta fields.

Earlier this month, Genel announced the appointment of Paul Weir as its new chief executive, promoting him from his prior position as chief operating officer and interim CEO.

In August, the company told investors it would seek to pursue new business opportunities, focused on production and cash generation, as its interim results highlighted US$129mln of free cash flow in the six months ended 30 June.