Market Reaction: Slightly positive. Even though the overall headline number is higher than previously indicated, when including the KRG consideration (US$175 mm vs US$150 mm previous headline figure), the difference is non cash and the upfront payment is much less (US$5 mm vs US$20 mm previously), reducing Genel's near term exposure. We also view this announcement as a further step in taking Miran and Bina Bawi to development (total ReNAV of £1.78 per share). The fortune of the share pr
