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Genel Energy PLC (GENL.L)

GENL.L on London Stock Exchange

74.75GBp
24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

DNO expects Peshkabir output to start by the end of 2017
Thursday, 9 Feb 2017 04:30am EST 

DNO Asa : Chairman Bijan Mossavar-Rahmani says DNO expects production at Peshkabir field in Iraq's Kurdistan region to start by the end of 2017 from at least one well . DNO operates and holds a 55 percent working interest in the Tawke license which holds the Peshkabir field. Genel Energy plc and the Kurdistan Regional Government hold a 25 percent and 20 percent interest, respectively Further company coverage: [DNO.OL] (Reporting by Nerijus Adomaitis, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Genel Energy notes payment for June oil exports from Tawke field
Monday, 30 Jan 2017 02:00am EST 

Genel Energy Plc : Receipt of payment for KRI oil exports from Tawke field .Tawke field partners have received a payment of $8.41 million from Kurdistan Regional Government as payment towards June 2016 crude oil deliveries.  Full Article

Genel sets 2017 production guidance at 35,000-43,000 bopd
Tuesday, 24 Jan 2017 02:10am EST 

Genel Energy Plc : Trading and operations update . 2016 net production averaged 53,300 bopd . During 2016, Taq Taq natural field declines were partially offset by three development sidetracks drilled and completed during year . Taq Taq has averaged 35,300 bopd in January 2017 to date . Taq Taq field water production is currently 12,500 bopd . Net production to Genel from Taq Taq and Tawke has averaged 44,000 bopd in January 2017 to date . $207 million cash proceeds (pre capacity building payments) were received in 2016, . Capital expenditure for 2016 totalled $61 million, below $90-110 million guidance range, as previously communicated . Currently in discussions with KRG regarding pricing mechanism for crude sales from Taq Taq and Tawke . Carrying value of receivable for unpaid production will be tested for impairment as part of end-2016 results process, . Unrestricted cash balances at 31 December 2016 stood at $408 million ($405 million at 30 September 2016) . Net debt at 31 December 2016 stood at $240 million ($241 million at 30 September 2016) . Production guidance for 2017 is set at 35-43,000 bopd . Capital expenditure, net to Genel, at Taq Taq and Tawke fields in 2017 is forecast at $50-75 million. . Expenditure on KRI gas business is estimated at $10 million. . Capex on 2017 Africa exploration programme is estimated at $40 million.  Full Article

Genel Energy comments on Tawke fields cretaceous discovery
Monday, 9 Jan 2017 02:00am EST 

Genel Energy Plc : Cretaceous discovery at Peshkabir-2 . Tawke partners are considering a number of options to step up appraisal of new cretaceous discovery .Tawke partners will provide update on resource potential of Cretaceous, Jurassic horizons after post well evaluation of data.  Full Article

Genel Energy gets $11.73 mln from Kurdistan Regional Government
Monday, 5 Dec 2016 04:45am EST 

Genel Energy Plc : Taq Taq field partners received a gross payment of $21.33 mln from KRG for oil sales during September 2016 .Genel's net share of payment is $11.73 mln.  Full Article

Kurdistan updates on Kurdistan operations
Wednesday, 12 Oct 2016 04:01am EDT 

Genel Energy Plc : Kurdistan operational update . Notes announcement from DNO ASA that three new production wells have been completed at Tawke field in Kurdistan region of Iraq . Tawke-31 well, targeting main cretaceous reservoir will be brought on production following an acid stimulation program . Two additional wells targeting shallow jeribe reservoir, Tawke-33 and Tawke-34, are also being readied for production . Further jeribe well, tawke-37, will be spudded next week . Four wells are expected to cost less than $20 million in total and add about 10 percent to field output capacity .Tawke production during q3 averaged 109,159 bopd, of which 108,759 bopd was delivered for export through turkey..  Full Article

Genel Energy notes KRG's July payment on Tawke field
Monday, 3 Oct 2016 02:46am EDT 

Genel Energy Plc :Notes announcement from DNO ASA that Tawke field partners have got payment of $37.40 million from Kurdistan Regional Government for July.  Full Article

Genel reports $4 mln pre-tax loss for first half of year
Thursday, 28 Jul 2016 02:06am EDT 

Genel Energy Plc : 2016 production: 53-60,000 bopd . Capital expenditure: $90-110 million (previously $80-120 million) . At 30 june 2016, reported krg receivable was $412.4 million . H1 revenue 91.1 million usd versus 199.3 million usd year ago . No interim dividend . Regular payments for kri oil exports and domestic sales expected to continue . 2016 expected revenue: $200-230 million . H1 revenue of $91.1 million . H1 ebitdax of $65.9 million . H1 loss before tax of $4.2 million .Free cash flow for h1 period was an inflow of $33.1 million.  Full Article

Genel says gets $13.7 mln for KRI oil exports in June
Wednesday, 27 Jul 2016 07:30am EDT 

Genel Energy Plc : Taq Taq field partners have received a gross payment of $24.91 mln from Kurdistan regional government for oil sales during June 2016 . Genel's net share of payment is $13.70 mln .Says gross oil sales from Taq Taq field in June 2016 averaged 62,979 barrels of oil per day.  Full Article

Genel Energy cuts full year production guidance
Thursday, 7 Jul 2016 02:32am EDT 

Genel Energy Plc : Operational update . TT-27X side-track well has been successfully drilled and completed in cretaceous Shiranish reservoir at Taq Taq field . Well, which is currently in latter stages of post-drill clean-up phase, is flowing at c.3,000 bopd. . TT-27X side-track was first well in 2016 Taq Taq work programme, which aims to more evenly distribute production rate over wider field . Well continues to clean-up and is within anticipated production rate of 1,500-5,000 bopd . H1 2016 production from Taq Taq averaged c.69,000 bopd . Current production at Taq Taq is c.62,000 bopd, . H1 2016 production from Taq Taq and Tawke, net to Genel's working interest, averaged c.56,000 bopd .Company now expects full year 2016 production of 53-60,000 bopd (against previous guidance of 60-70,000 bopd).  Full Article

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Exclusive: Genel Chairman Tony Hayward to step down next year - sources

LONDON Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy, which he founded in 2011 and became the biggest oil and gas producer in Iraqi Kurdistan, three sources close to the company said.