Genel Energy PLC (GENL.LN), said Tuesday that a Declaration of Commerciality or DoC for the Miran field has been approved by the Ministry of Natural Resources of the Kurdistan Regional Government.

MAIN FACTS:

-Following Declaration of Commerciality, the Development Period will commence on Sept. 5, after which the Contractor will receive its share of revenue according to the PSC.

-An Early Production Facility for Miran oil was commissioned in August with the first well brought on-stream at 2,000 barrels of oil per day. Work continues with the KRG to establish a Gas Commercialization Plan, while Genel continues to expect the signing of a final Gas Export Agreement to Turkey by end-2013.

-Genel currently holds a 100% working interest and is operator of the Miran license. The Kurdistan Regional Government has the right to back in for a 25% working interest following DoC.

-Genel Energy shares closed Monday at 934.0 pence, valuing the company at GBP2.11 billion.
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