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Genel losses deepen as reserves write-off, weak oil price bite

Reuters - UK Focus

LONDON, March 3 (Reuters) - Genel Energy (Other OTC: GEGYF - news) , one of the main oil producers in Iraqi Kurdistan, has slipped further into the red as it wrote off $1 billion relating to its Taq Taq oilfield that has lower recoverable reserves than previously estimated.

London-listed Genel reported a full-year pretax loss of $1.16 billion on Thursday, deepening its $312.8 million loss in 2014.

The weak oil price also ate into revenue which fell 34 percent to $344 million.

Despite the downgrade of reserves at its main oilfield, Genel maintained its 2016 production guidance of 60,000-70,000 barrels per day (bpd) and a revenue forecast of $200-275 million assuming oil prices average $45 a barrel. (Reporting by Karolin Schaps; editing by Jason Neely)