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Genel Energy PLC: Trading and operations update

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Genel Energy PLC (GENL)
04-Nov-2021 / 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.

4 November 2021

 

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 2021.

 

Bill Higgs, Chief Executive of Genel, said:

"Genel's low-cost and high-margin production continues to generate material positive cash flow which, coupled with our confidence in predictable payments going forward, allows us to further invest in our growth assets with sufficient surplus to support our competitive and progressive dividend, with the interim dividend increased by 20%.

 

I am pleased that drilling is back underway at Tawke, and drilling operations at Peshkabir, Sarta, and Qara Dagh are ongoing. We continue to work hard to deliver results from the appraisal programmes at Sarta and Qara Dagh, and remain excited about their potential, although disappointed that the testing programme will be later than we had forecast due to a combination of geological and operational challenges, supply chain issues, and well approval delays."

 

FINANCIAL PERFORMANCE

 

OPERATING UPDATE

 

(bopd)

Gross production

Q3 2021

Net production

Q3 2021

Tawke

45,260

11,310

Peshkabir

59,920

14,980

Sarta

5,960

1,790

Taq Taq

5,530

2,430

Total

116,670

30,520

 

 

PRODUCTION ASSETS

Sarta (30% working interest)

 

PRE-PRODUCTION ASSETS

 

ESG

 

OUTLOOK

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Consulting

Patrick d'Ancona 

+44 20 7390 0230

 

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.

 


ISIN:

JE00B55Q3P39, NO0010894330

Category Code:

TST

TIDM:

GENL

LEI Code:

549300IVCJDWC3LR8F94

Sequence No.:

125963

EQS News ID:

1246071


 

End of Announcement

EQS News Service

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