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Genel Q3 cashflow up after new KRG oil export deal

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 19 (Reuters) - Genel Energy (Other OTC: GEGYF - news) , one of a handful of foreign oil producers in Iraqi Kurdistan, managed to increase cashflow in the third quarter after renegotiating export payments with the Kurdistan Regional Government (KRG).

Unrestricted cash balances stood at $268 million at the end of September, up from $246 million three months earlier.

Net (LSE: 0LN0.L - news) debt fell by 13 percent to $138 million.

However, a lack of investment and natural declines in oil reservoirs mean the company is lagging behind its full-year average production target of 35,000-43,000 barrels per day (bpd).

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Third-quarter average output stood at 33,810 bpd, Genel said in its third-quarter trading update on Thursday.

It did not disclose any details on security or the current state of operations at its facilities in the region where there is tension between Kurdish and Iraqi government forces following Kurdistan's independence referendum. (Reporting by Karolin Schaps; editing by Jason Neely)