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Genel Energy PLC: Trading and operations update

·9-min read

Genel Energy PLC (GENL)
03-Nov-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

3 November 2020

 

Genel Energy plc

 

Trading and operations update

 

Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of the third quarter and first nine months of 2020.

 

Bill Higgs, Chief Executive of Genel, said:

"Genel continues to demonstrate its resilience and ability to be move quickly to navigate changing external conditions. Production has remained robust, increasing quarter on quarter, and first oil at Sarta is also now imminent. Once production from these initial wells has stabilised we expect it to increase our production by over 10%, with potentially far more to come as we appraise what could be the largest field in the Kurdistan Region of Iraq.

 

Following the successful completion of our recent refinancing, we have the liquidity to fund the rapid development of Sarta in the case of appraisal success in 2021. Genel's financial strength and disciplined capital allocation means it is well placed to pursue opportunities for value accretive growth and provide returns to shareholders."

 

FINANCIAL PERFORMANCE

 

REFINANCING AND FINANCIAL STRATEGY

 

 

OPERATING PERFORMANCE

 

 

 

PRODUCTION ASSETS

 

PRE-PRODUCTION ASSETS

 

ESG

 

OUTLOOK

 

-ends-

 

For further information, please contact:

 

 

This announcement includes inside information.

 

Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Taq Taq and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.

 

Disclaimer

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil & gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

 


(bopd)

Gross production

Q3 2020

Net production

Q3 2020

Tawke

56,880

14,220

Peshkabir

56,860

14,210

Taq Taq

8,580

3,780

Total

122,320

32,210

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

(bopd)

Gross production

Q3 2020

Net production

Q3 2020

Tawke

56,880

14,220

Peshkabir

56,860

14,210

Taq Taq

8,580

3,780

Total

122,320

32,210

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

ISIN:

JE00B55Q3P39

Category Code:

TST

TIDM:

GENL

LEI Code:

549300IVCJDWC3LR8F94

Sequence No.:

87057

EQS News ID:

1144878


 

End of Announcement

EQS News Service

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