In 2019, the Genel Energy Boards confidence in their business plan to replace and grow producing asset cash generation at value accretive cost was demonstrated by the commencement of a material and sustainable dividend, and $41 million was distributed to shareholders in the year.
The Company was committed to and able to maintain their dividend unchanged through the challenges of 2020, illustrating a resilience that we believe sets us apart from many of their peers. The dividend is an important part of their investment story and the hard work done in 2020 has put us in a good position to benefit from oil price improvement and continue that story. their dividend capacity is solid, despite having Sarta, Qara Dagh and Bina Bawi that all have potential to require near-term capital in the success case. The Board has approved the final dividend unchanged at 10c per share, resulting in a final dividend payment of around $28 million. Including the earlier distributed interim dividend, this brings our total dividends for the financial year to 15c per share, a total payment of $42 million. We continue to look to increase the dividend, with confidence in a growing reserve base and outlook cash being key to that decision.
