GENL.L - Genel Energy plc

LSE - LSE Delayed price. Currency in GBp
207.00
+2.00 (+0.98%)
At close: 4:35PM BST
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Previous close205.00
Open204.00
Bid207.50 x 343500
Ask208.50 x 340000
Day's range204.00 - 209.00
52-week range151.20 - 302.00
Volume504,861
Avg. volume1,019,073
Market cap578.039M
Beta (3Y monthly)2.09
PE ratio (TTM)N/A
EPS (TTM)-101.60
Earnings date6 Aug 2019
Forward dividend & yield0.15 (6.64%)
Ex-dividend date2019-05-23
1y target est3.70
  • EQS Group5 days ago

    Genel Energy PLC: Result of AGM

    Genel Energy PLC (GENL) 16-May-2019 / 15:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *16 May 2019 Genel Energy plc Result of Annual General Meeting The Annual General Meeting of Genel Energy plc was held today, Thursday, 16 May 2019 and the results of the poll vote by shareholders are set out below. The number of ordinary shares of £0.10p each in the Company in issue at the date of the meeting was 279,875,973 and each share attracted one vote. The results were as follows:ResolutionsFor%Against%WithheldTotal lodged 1\. To receive the Accounts and the Reports of the Directors and the Auditors for the year ended 31 December 2018190,994,878100.0000.0012,592190,994,878 2\. To declare a final distribution of 10 cents per ordinary share, to be converted into pounds sterling at the spot rate prevailing on 24 May 2019190,994,87899.999,6770.012,915191,004,555 3. To approve the Annual Report on Remuneration for the year ended 31 December 2018190,325,65699.65668,6960.3513,118190,994,352 4. To re-elect Mr Stephen Whyte as a Non-Executive Director145,424,48876.1445,560,21623.8622,766190,984,704 5. To elect Dr Bill Higgs as an Executive Director191,002,894100.002090.004,367191,003,103 6\. To elect Mr Esa Ikaheimonen as an Executive Director190,418,10199.70566,6030.3022,766190,984,704 7. To re-elect Mr Tim Bushell as a Non-Executive Director190,742,17899.87242,0480.1323,244190,984,226 8. To elect Mr Martin Gudgeon as a Non-Executive Director190,948,69299.9835,5340.0223,244190,984,226 9. To re-elect Mr George Rose as a Non-Executive Director190,605,56499.80378,6620.2023,244190,984,226 10. To re-elect Mrs Nazli K. Williams as a Non-Executive Director168,900,07988.4422,084,14711.5623,244190,984,226 11. To re-appoint PricewaterhouseCoopers LLP as the Company's Auditors190,952,61599.9843,2180.0211,637190,995,833 12\. To authorise the Board of Directors to set the Auditors' fees190,624,32799.81371,3060.1911,837190,995,633 13\. To give the Company limited authority to make political donations and incur political expenditure189,929,56399.441,072,7070.565,200191,002,270 14\. To authorise the Company to purchase its ordinary shares190,977,00099.9927,5550.012,915191,004,555 15\. To permit the Company to hold general meetings, other than an annual general meeting, on not less than 14 clear days' notice190,312,41699.64682,7890.3612,265190,995,205 Following the approval of resolution 2, Genel confirms the payment of a final dividend of 10¢ per share in relation to the 2018 financial year. The final dividend payment timetable is below: * Ex-dividend date: 23 May 2019 * Record Date: 24 May 2019 * Payment Date: 24 June 2019 Genel intends to announce an interim dividend of 5¢ per share as part of the 2019 half-year results, which are scheduled for 6 August 2019.Genel notes the result of the vote on resolution 4. As announced this morning, following a successful tenure as Chairman, Stephen Whyte will leave the Company for new challenges once a suitable successor has been identified, prior to the next AGM.The full text of the resolutions may be found in the Notice of the Annual General Meeting, copies of which are available on both the Company's website www.genelenergy.com and on the National Storage Mechanism www.hemscott.com/nsm.do A copy of the special resolutions (resolutions 14 and 15) passed at the Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do-ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7830 9700 Notes to editors:Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: RAG TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8667 EQS News ID: 812523 End of Announcement EQS News Service

  • EQS Group6 days ago

    Genel Energy PLC: AGM Statement

    Genel Energy PLC (GENL) 16-May-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *16 May 2019 Genel Energy plc AGM Statement Stephen Whyte, Chairman of Genel Energy plc ('Genel' or 'the Company'), will give the following update on the business at the Company's Annual General Meeting, which is being held at 11.00am today at Taj Hotel, St James' Court, 54 Buckingham Gate, London, SW1E 6AF: "Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering year-on-year production growth, we have made portfolio additions that perfectly complement our existing asset base, and our cash position continues to strengthen. Genel is participating in 20 wells this year, the most of any IOC in the Kurdistan Region of Iraq ('KRI'). Drilling on the Tawke and Peshkabir fields is ongoing, with activity ramping up as we progress through 2019. Year to date production from the Tawke PSC is currently c.126,800 bopd, with Peshkabir driving impressive growth compared to the prior year's period. The drilling programme at Taq Taq has now delivered three successful wells, and year to date production is currently c.13,300 bopd, an increase from the 2018 average of 12,350 bopd. We are continuing to achieve successful results from the flanks of the field, and are drilling ahead at pace. Total Genel working interest production across all assets is 37,600 bopd, running slightly ahead of our expected 10% increase in year-on-year production. Even as we invest to deliver this production increase we continue to improve our cash position, generating almost $50 million in free cash flow in the first four months of the year. We expect to keep up this impressive run rate. Our current expectation is that we will generate well over $100 million in free cash flow over the course of 2019, prior to the payment of the dividend, even after increasing expenditure on our growth opportunities. The results at Peshkabir show the significant success that can be obtained from our low-cost, rapid return operations in the KRI. While investing to increase production from 12,000 bopd to 55,000 bopd over the course of the year, Genel still generated $50 million of free cash flow from the asset. This level of return is hard to match anywhere else in the world, and illustrates why we continue to look for further opportunities in the KRI. Put simply, the KRI is a very good place in which to operate. Payments have been made on a monthly basis for over three and a half years now, the political situation continues to improve - with Baghdad having made budget payments to the Kurdistan Regional Government for over a year - and the low-cost of operations helping to set a breakeven oil price at an asset level of $20/bbl. We are still looking to diversify the portfolio, but we will not ignore further opportunities in the KRI - and indeed continue to focus on these where our presence on the ground and regional expertise mean we can maximise their value potential for shareholders. In that context, as you are probably aware by now, we were delighted to add Sarta and Qara Dagh to the portfolio. They tick all of the boxes, as we partner with Chevron on assets that offer a mixture of near-term production and long-term growth potential. Sarta is expected to enter production in the middle of 2020, and we will develop the field utilising a similar strategy to the one that was so successful (and cash-generative) at Peshkabir. While we do not want to get ahead of ourselves there are hydrocarbons throughout the structure in all of the typical KRI reservoirs, from the Tertiary down to the Triassic. We are focused on building an even stronger business with material growth potential, providing a clear and compelling investment case that offers the opportunity for a significant increase in shareholder value. As we prioritise that growth, we have also initiated a material and sustainable dividend, providing investors with a compelling mix of growth and returns. I am delighted that Bill Higgs is now sitting alongside me as CEO, and that Esa Ikaheimonen, our CFO, has also joined the Board. On a personal level, the transition that I was keen to oversee is now complete. As such I have decided that this will be my last AGM as Chairman of Genel, and I will leave the Company for new challenges once a suitable successor has been identified. When I joined the Board two years ago the share price was under 80p, production was declining, Genel had unpaid oil receivables of over $400 million and $142 million in net debt. Genel's production and net cash position is now rising, the portfolio is positioned to provide material organic growth, and Genel now has the right team to deliver that growth. Management has a wealth of experience in the sector, experience that can also be utilised to make further value-accretive portfolio additions and optimise our growing cash pile to generate value for shareholders." Genel will announce results for the six months ending 30 June 2019 on Tuesday 6 August 2019. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: AGM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8656 EQS News ID: 812159 End of Announcement EQS News Service

  • EQS Group13 days ago

    Genel Energy PLC: Director/PDMR Shareholding

    Genel Energy PLC (GENL) 08-May-2019 / 14:00 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. * * *8 May 2019 Genel Energy plc (the Company) NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES 1Details of the person discharging managerial responsibilities / person closely associated a)NamePars Kutay 2Reason for Notification a)Position/statusHead of Government & Public Affairs b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionVesting of contingent share award granted under the restricted share plan c)Price(s) and volumes(s)Nil cost 155,294 shares d)Aggregated information -Aggregated volume-Price 155,294N/A e)Date of the transaction10 May 2019 f)Place of the transactionLondon Stock Exchange -ends- For further information please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo Communications Patrick d'Ancona+44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the mainmarket of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: DSH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8549 EQS News ID: 808637 End of Announcement EQS News Service

  • EQS Group14 days ago

    Genel Energy PLC: Update on Tawke PSC

    Genel Energy PLC (GENL) 08-May-2019 / 07:02 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *8 May 2019 Genel Energy plc Update on Tawke PSC Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity: Gross production from the Tawke licence, containing the Tawke and Peshkabir fields, averaged 126,759 bopd during the first quarter of 2019. Tawke production currently averages c.73,000 bopd, and Peshkabir c.54,000 bopd. There is an active 2019 drilling campaign underway at the Tawke and Peshkabir fields, with a total of up to four Peshkabir wells and up to 14 Tawke wells. The Peshkabir-9 well was completed and placed on production during the first quarter. The Peshkabir-10 well was spud in February and will come onstream shortly. The Peshkabir-11 well will spud later this month. Peshkabir production averaged 53,830 bopd during the first quarter. Peshkabir has now generated $1 billion in gross revenue, or four times the total spend to date. At the Tawke field, the Tawke-52 Cretaceous well was completed and placed on production during the quarter. The Tawke-54 Cretaceous well was spud in February and came onstream in mid-April, and the Tawke-55 Cretaceous well spud in April. Tawke field production averaged 72,929 bopd during the first quarter. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8542 EQS News ID: 808431 End of Announcement EQS News Service

  • EQS Group14 days ago

    Genel Energy PLC: 2019 Awards - Notification of Transactions by PDMRs

    Genel Energy PLC (GENL) 07-May-2019 / 14:57 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. * * *7 May 2019 Genel Energy plc (the Company) 2019 Awards - Notification of Transactions byPersons Discharging Managerial Responsibilities (PDMRs) Pursuant to the notification obligations under EU Market Abuse Regulations Article 19.1, the Company granted awards over its ordinary shares of 10 pence each under the Performance Share Plan ('PSP') and Restricted Share Plan ('RSP') on 7 May 2019 to the PDMR set out below. PSP awards granted to PDMRs in the UK were made in the form of nil-cost options, which become exercisable following the end of a three year performance period, subject to the satisfaction of performance targets. Options are then exercisable until the tenth anniversary of the date of grant. PSP awards granted to PDMRs in Turkey were made in the form of a nil-cost conditional share award, and will be transferred following the end of a three year performance period, subject to the satisfaction of performance targets. The PSP performance period will run from 7 May 2019 to 6 May 2022. RSP awards granted to PDMRs in the UK were made in the form of nil-cost options and become exercisable in three tranches; 25% on the first anniversary of the award, 25% on the second anniversary of the award and 50% on the third anniversary of the award. RSP awards granted to PDMRs in Turkey were made in the form of a nil-cost conditional share award and the shares comprised in it will be transferred in three tranches; 25% on the first anniversary of the award, 25% on the second anniversary of the award and 50% on the third anniversary of the award. Following vesting, all shares are retained for an additional two years for Executive Committee members under the Company's Retention Policy. Following vesting, shares are subject to the Company's retention policy. The PSP awards are as follows: NameNo. of shares subject to PSP AwardTotal number of shares over which options/awards are held following notification Bill Higgs356,3421,016,146 Esa Ikaheimonen283,9301,555,200 Pars Kutay207,4131,666,647 RSP awards:NameNo. of shares subject to RSP AwardTotal number of shares over which options/awards are held following notification Bill Higgs174,5851,016,146 Pars Kutay159,5481,666,647 1Details of the person discharging managerial responsibilities / person closely associated a)NameBill Higgs 2Reason for Notification a)Position/statusCEO b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionGrant of a nil-cost options under the Company's performance share plan c)Price(s) and volumes(s)PriceVolume Nil356,342 d)Aggregated information -Aggregated volume-Price 356,342Nil e)Date of the transaction7 May 2019 f)Place of the transactionOutside a trading venue 1Details of the person discharging managerial responsibilities / person closely associated a)NameBill Higgs 2Reason for Notification a)Position/statusCEO b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionGrant of a nil-cost options under the Company's restricted share plan c)Price(s) and volumes(s)PriceVolume Nil174,585 d)Aggregated information -Aggregated volume-Price 174,585Nil e)Date of the transaction7 May 2019 f)Place of the transactionOutside a trading venue 1Details of the person discharging managerial responsibilities / person closely associated a)NameEsa Ikaheimonen 2Reason for Notification a)Position/statusCFO b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionGrant of nil-cost options under the Company's performance share plan c)Price(s) and volumes(s)PriceVolume Nil283,390 d)Aggregated information -Aggregated volume-Price 283,390Nil e)Date of the transaction7 May 2019 f)Place of the transactionOutside a trading venue 1Details of the person discharging managerial responsibilities / person closely associated a)NamePars Kutay 2Reason for Notification a)Position/statusHead of Government & Public Affairs b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionGrant of a nil-cost contingent share award under the Company's performance share plan c)Price(s) and volumes(s)PriceVolume Nil207,413 d)Aggregated information -Aggregated volume-Price 207,413Nil e)Date of the transaction7 May 2019 f)Place of the transactionOutside a trading venue 1Details of the person discharging managerial responsibilities / person closely associated a)NamePars Kutay 2Reason for Notification a)Position/statusHead of Government & Public Affairs b)Initial notification / AmendmentInitial notification 3Details of the issuers, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameGenel Energy plc b)LEI549300IVCJDWC3LR8F94 4Details of the transaction(s): section to be replaced for (i) each type of instrument; (ii) each type of transaction; (iii) each date (iv) each place where transaction have been conducted a)Description of the financial instrument, type of instrument Identification codeOrdinary shares of 10 pence each JE00B55Q3P39 b)Nature of the transactionGrant of a nil-cost contingent share award under the Company's restricted share plan c)Price(s) and volumes(s)PriceVolume Nil159,548 d)Aggregated information -Aggregated volume-Price 159,548Nil e)Date of the transaction7 May 2019 f)Place of the transactionOutside a trading venue -ends- For further information please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo Communications Patrick d'Ancona+44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the mainmarket of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: DSH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8534 EQS News ID: 808119 End of Announcement EQS News Service

  • EQS Group20 days ago

    Genel Energy PLC: Total Voting Rights

    Genel Energy PLC (GENL) 01-May-2019 / 15:45 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *1 May 2019 Genel Energy plc Total Voting Rights Notification of total voting rights in accordance with the FCA's Disclosure and Transparency Rules provision 5.6.1R. Genel Energy plc's share capital consists of 279,246,274 ordinary shares of 0.10p each in issue plus ordinary shares held in treasury of 1,001,924. The above figure of 279,246,274 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Genel Energy plc under the FCA's Disclosure and Transparency Rules. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCL TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8486 EQS News ID: 806117 End of Announcement EQS News Service

  • EQS Group22 days ago

    Genel Energy PLC: Update on Bina Bawi

    Genel Energy PLC (GENL) 30-Apr-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *30 April 2019 Genel Energy plc Update on Bina Bawi Genel Energy plc ('Genel' or 'the Company') provides the following update on the Bina Bawi licence. As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi gas lifting agreement ('GLA') was extended until 30 April 2019, as discussions with the Kurdistan Regional Government ('KRG') on the commercial framework relating to the development of the licence continued. Having reached agreement that the existing GLA does not reflect the commercial realities of the proposed development, Genel and the KRG ('the Parties') have jointly agreed to let the GLA lapse on 30 April 2019 and focus on negotiating updated commercial terms based on a staged and integrated oil and gas development. The Parties are progressing the negotiation of a project scope based on a phased approach and ramp up of the gas development, with an initial phase of c.250 MMscfd raw gas capacity, and an accelerated development of the oil scope, where the KRG and Genel will jointly fund the first phase gas development utilising the revenue from Bina Bawi oil. The Parties have agreed to focus on finalising the commercial arrangement for this solution as soon as practical. The current production sharing contract ('PSC') provides a further 12 month period from 30 April 2019 within which to agree a new GLA. Should no agreement be reached in twelve months, the KRG has a right to terminate the PSC. In line with our capital allocation strategy, the Company will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation. The deadline for the Miran conditions precedent will be reached on 31 May 2019 and the Company similarly expects that the Miran GLA will lapse. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8425 EQS News ID: 804991 End of Announcement EQS News Service

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  • EQS Grouplast month

    Genel Energy PLC: Update on Taq Taq PSC

    Genel Energy PLC (GENL) 11-Apr-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *11 April 2019 Genel Energy plc Update on Taq Taq PSC Genel Energy plc ('Genel') is pleased to announce an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now completed. The well has entered production at an initial rate of 2,000 bopd with a 24/64" choke, and this figure is expected to rise. With the inclusion of this production, gross production from the Taq Taq field is currently c.15,500 bopd, with Genel's overall net production now c.39,000 bopd. The well flowed oil from all three zones tested, with a maximum combined flow rate of c.4,000 bopd with a 40/64" choke. The well is further proof of the remaining potential on the flanks of Taq Taq field. With Taq Taq wells an attractive capital allocation option, the rig has moved to drill the TT-33 well, on the southern flank of the field. The well was spudded on 25 March, and is expected to take 90 days to complete. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8170 EQS News ID: 798651 End of Announcement EQS News Service

  • EQS Grouplast month

    Genel Energy PLC: Report on payments to governments

    Genel Energy PLC (GENL) 09-Apr-2019 / 13:25 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * * 9 April 2019 Genel Energy plc Report on payments to governments for the year 2018 Introduction and basis for preparationThis report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2018 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (the 'DTRs') and in accordance with our interpretation of the Industry Guidance issued for the UK's Report on Payments to Governments Regulations 2014, as amended in December 2015 ('the Regulations'). The DTRs require companies in the UK and operating in the extractives sector to publically disclose payments made to governments in the countries where they undertake exploration, prospection, development and extraction of oil and natural gas deposits or other materials. This report is available to download at www.genelenergy.com/investor-relations/results-reports-presentations. GovernmentsAll of the payments made in relation to licences in the Kurdistan Region of Iraq ('KRI') have been made to the Ministry of Natural Resources of the Kurdistan Regional Government ('KRG'). All other payments have been made to the national government of the relevant country where the licence is based. Production entitlementsProduction entitlements are the host government's share of production during the reporting period from projects operated by Genel. Production entitlements from projects that are not operated by Genel are not covered by this report. The figures reported have been produced on an entitlement basis rather than on a liftings basis. Production entitlements are paid in-kind and the monetary value disclosed is derived from management's calculation of revenue from the field. RoyaltiesRoyalties represent royalties paid in-kind to governments during the year for the extraction of oil. The terms of the Royalties are described within our Production Sharing Contracts and can vary from project to project. Royalties have been calculated on the same barrels of oil equivalent basis as production entitlements. Materiality thresholdTotal payments below £86,000 made to a government are excluded from this report as permitted under the Regulations. payments to governments - 2018Country/LicenceKRI Total (1)Taq Taq (2)SomalilandSL 10B/13Odewayne Production entitlement (bbls)2,598,593.832,598,593.83--- Royalties in kind (bbls)451,116.66451,116.66--- Total (bbls)3,049,710.493,049,710.49--- Value of production entitlements ($million)169.90169.90--- Value of royalties ($million)29.3229.32--- Capacity building payments ($million) (3)6.296.29--- Licence fee ($million)--0.130.050.08 Total ($million)205.51205.510.130.050.08 (1) Under the lifting arrangements implemented by the KRG, the KRG takes title to crude at the wellhead and then transports it to Ceyhan in Turkey by pipeline. The crude is then sold by the KRG into the international market. All proceeds of sale are received by or on behalf of the KRG, out of which the KRG then makes payment for cost and profit oil in accordance with the PSC to Genel, in exchange for the crude delivered to the KRG. Under these arrangements, payments are in fact made by or on behalf of the KRG to Genel, rather than by Genel to the KRG. For the purposes of the reporting requirements under the Regulations, however, we are required to characterise the value of the KRG's entitlement under the PSC (for which they receive payment directly from the market) as a payment made to the KRG. Therefore, estimated value in $millions is not paid to the KRG, and is calculated to meeting the reporting requirements under the Regulations.(2) The amount reported for Taq Taq, is the gross payment made to the KRI by the operating company (TTOPCO). Genel's share of these payments is equal to 55% (with the exception of capacity building payments).(3) Capacity building payments reported are payments made by Genel directly to the KRI in cash as required by the PSC. -ends- For further information please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo Communications Patrick d'Ancona+44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCL TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8146 EQS News ID: 797657 End of Announcement EQS News Service

  • EQS Grouplast month

    Genel Energy PLC: Notice of AGM

    Genel Energy PLC (GENL) 09-Apr-2019 / 09:30 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *9 April 2019 Genel Energy plc Posting of Annual Report and Notice of AGM Genel Energy plc ('the Company') announces that it has today posted its 2018 Annual Report for the year ended 31 December 2018 ('Annual Report') to shareholders together with the notice of the 2019 Annual General Meeting ('AGM') and forms of proxy. The Company will hold its AGM on Thursday 16 May 2019. In accordance with Listing Rule 9.6.1, copies of the Company's Annual Report, the Notice of AGM, and proxy forms have also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do. The Annual Report and Accounts and Notice of AGM will also be available on the Company's website at www.genelenergy.com. -ends- For further information please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo Communications Patrick d'Ancona+44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: NOA TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8140 EQS News ID: 797451 End of Announcement EQS News Service

  • EQS Grouplast month

    Genel Energy PLC: Announcement of maiden dividend

    Genel Energy PLC (GENL) 08-Apr-2019 / 13:47 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *8 April 2019 Genel Energy plc Announcement of maiden dividend Genel Energy plc ('Genel' or 'the Company') is pleased to announce that, at the bondholder meeting held today, the Company's proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed. With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per share, a total distribution of $27.9 million. As previously stated, given the strong free cash flow forecast of the business even after investment in growth opportunities, the Company intends to pay a minimum dividend of $40 million per annum. This will be split between an interim and final dividend, to be paid one-third/two-thirds. The final dividend reflects this split and will be subject to shareholder approval at the AGM on 16 May 2019. Genel intends to announce an interim dividend of 5¢ per share as part of the 2019 half-year results, which are scheduled for 6 August 2019. Bill Higgs, Chief Executive of Genel, said:"Genel has highly cash generative assets and material growth opportunities in the portfolio. Even after drilling 20 wells in 2019 and progressing the exciting opportunities at Sarta and Qara Dagh, we still expect to generate over $100 million in free cash flow. We will continue to focus on delivering on our strategy as we begin the distribution of a material and sustainable dividend, and aim to provide investors with a compelling mix of growth and returns." FINAL DIVIDEND PAYMENT TIMETABLE * Annual General Meeting: 16 May 2019 * Ex-dividend date: 23 May 2019 * Record Date: 24 May 2019 * Payment Date: 24 June 2019 For further information on the dividend please see www.genelenergy.com. DNB Markets and Pareto Securities were engaged as financial advisers to the Company in respect to the bond waiver request. For further information, please see www.stamdata.no. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8129 EQS News ID: 797015 End of Announcement EQS News Service

  • Reuterslast month

    Genel Energy names oil veteran and insider Bill Higgs as CEO

    Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighbouring Miran oil and gas field in March. Genel said outgoing CEO Murat Özgül will not stand for re-election at the general meeting next month and will be a special adviser to the board.

  • EQS Grouplast month

    Genel Energy PLC: Appointment of Chief Executive Officer

    Genel Energy PLC (GENL) 08-Apr-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *8 April 2019 Genel Energy plc Appointment of Chief Executive Officer Genel Energy plc ('Genel' or 'the Company') is pleased to announce the appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief Financial Officer, has also been appointed to the Board. Dr. Higgs joined Genel as Chief Operating Officer in October 2017, and has since led on the delivery and expansion of our Kurdistan Region of Iraq oil business. Having 30 years of global exploration, development and operations experience, Bill is a qualified geologist with extensive expertise in all engineering and other technical and commercial aspects of hydrocarbon development and production. As well as being an Executive Director and Chief Operating Officer for Ophir Energy plc and Chief Executive Officer of Mediterranean Oil and Gas, he previously spent 23 years at Chevron across a number of global roles. Murat Özgül will not stand for re-election at the Annual General Meeting, and has stepped down from the Board with immediate effect. Murat has taken up a transitional role as Special Adviser to the Board. He will remain with the Company until early 2020 to support key strategic initiatives, notably the progression of plans for the development of the Bina Bawi licence, where negotiations with the Kurdistan Regional Government ('KRG') are continuing. Mr. Özgül became CEO of Genel in July 2015, at a challenging time in both the oil industry as a whole and in the regional political situation. The Company had net debt of c.$220 million and was owed a net trade receivable with the KRG of c.$378 million. Regular payments for oil exports began shortly thereafter, and the Receivable Settlement Agreement ('RSA') was signed in August 2017. The RSA and continuing monthly payments have transformed the Company and its financial position. As at 28 February 2019, Genel had a net cash position of $81 million. Murat Özgül, Special Adviser to the Board:"It has been a pleasure to have worked with all of our stakeholders and everyone at Genel as CEO. I am delighted that the Company is in such a strong position and is generating sufficient cash flow from assets in the Kurdistan Region of Iraq that Genel can both ramp up investment in growth, initiate a material and sustainable dividend policy, and still generate material free cash flow. I look forward to seeing Bill and the team deliver the tremendous potential in the portfolio, and working with him over the coming months." Stephen Whyte, Chairman of Genel:"Murat has made an invaluable contribution to the development of Genel. He was integral to the signing of the Receivable Settlement Agreement, which transformed the Company's financial prospects, and we look forward to continue working with him as we progress the Bina Bawi licence. Bill was recruited by the Board as a potential successor to Murat, and has already made a tremendous contribution to our operations and the addition of further growth prospects. He is the right person to continue growing the Company and delivering on our strategy, as we look to provide investors with a compelling proposition combining both growth and a material annual return." In accordance with Listing Rule 9.6.13(1) the Company confirms that Dr. Higgs is currently a director of San Leon Energy plc and between August 2014 and July 2017 was a director of Ophir Energy plc. Esa Ikaheimonen is currently a director of Independent Oil & Gas PLC, between February 2016 and August 2018 was a director of Vantage Drilling International, was Chairman of Transocean Partners plc from April 2014 to June 2015, and non-executive director of Ahlstrom plc from April 2011 to April 2015. There is no other information required to the disclosed under Listing Rule 9.6.13R(2) to 9.613(6) inclusive. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 This announcement includes inside information. Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: BOA TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 8119 EQS News ID: 796785 End of Announcement EQS News Service

  • EQS Group2 months ago

    Genel Energy PLC: Appointment of Financial Advisers

    Genel Energy PLC (GENL) 30-March-2019 / 00:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * * 20 March 2019Genel Energy plc Appointment of Financial Advisers With reference to the release of the Company's full year results earlier today, the Company has retained DNB Markets and Pareto Securities as financial advisers in connection with the request to approach bondholders regarding a temporary waiver related to a potential dividend payment in 2019. \- ends - For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 DNB MarketsFixed income sales+47 24 16 90 30 Pareto SecuritiesFixed income sales+47 22 87 87 70 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCH TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7872 EQS News ID: 789539 End of Announcement EQS News Service

  • EQS Group2 months ago

    Genel Energy PLC: Summons to bondholder meeting

    Genel Energy PLC (GENL) 25-March-2019 / 10:04 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. * * *25 March 2019 Genel Energy plc Summons to bondholder meeting With reference to communication on 20 March related to a potential amendment of the terms of the GENEL01 $300 million senior unsecured bond, Genel Energy plc ('Genel' or 'the Company') has today posted a summons to a bondholder meeting to be held on 8 April 2019. For further information, please see www.stamdata.no. As previously announced, Genel has initiated a material and sustainable dividend policy. Following a pre-sounding exercise towards larger bondholders the Company is seeking a waiver of the dividend restriction in 2019. The dividend policy provides a meaningful and competitive return to shareholders, which is appropriately commensurate with the underlying value of the business without compromising Genel's ability to invest in growth through the progression of value realisation from the existing portfolio and the acquisition of appropriate new assets, and service its debt. As at 28 February 2019, the Company was in a net cash position of $81 million, with material free cash generation expected in the rest of 2019. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 DNB MarketsFixed income sales +47 24 16 90 30 Pareto SecuritiesFixed income sales+47 22 87 87 70 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Bina Bawi and Miran fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCU TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7928 EQS News ID: 791107 End of Announcement EQS News Service

  • Reuters - UK Focus2 months ago

    UPDATE 2-Genel posts 2018 loss after $424 mln writedown of Miran field

    Iraqi Kurdistan-focused oil producer Genel Energy Plc posted a $424 million writedown on its Miran oil and gas field on Wednesday, pushing it into a full-year loss, and said it was now focusing on developing its Bina Bawi field. Genel, which has been working to develop the two gas-rich fields backed by a gas sales agreement between Turkey and Kurdistan's regional government, said it planned to start paying a dividend from 2020. Genel had already submitted a field development plan for Miran, but said on Wednesday it had decided to write down the asset after reviewing its carrying value.

  • Does Genel Energy plc (LON:GENL) Have A Volatile Share Price?
    Simply Wall St.2 months ago

    Does Genel Energy plc (LON:GENL) Have A Volatile Share Price?

    Anyone researching Genel Energy plc (LON:GENL) might want to consider the historical volatility of the share price. Volatility is considered to be a measure of risk in modern finance theory.Read More...

  • EQS Group3 months ago

    Genel Energy PLC: Update on Sarta and Qara Dagh

    Genel Energy PLC (GENL) 28-Feb-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *28 February 2019 Genel Energy plc Update on Sarta and Qara Dagh Genel Energy plc ('Genel' or 'the Company') is pleased to announce that approval has been given by the Kurdistan Regional Government ('KRG') regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh blocks, in the Kurdistan Region of Iraq. The acquisitions have now closed and Genel therefore has 30% equity in the Sarta PSC, with Chevron holding 50% and the KRG the remaining 20%. Final investment decision relating to Sarta phase 1A development has now been taken. Phase 1A begins with two wells, recompleting the Sarta-2 well and placing the Sarta-3 well on production, both of which flowed approximately 7,500 bopd on test, and the construction of a central processing facility with a 20,000 bopd capacity. Another well is expected to follow within twelve months of first oil, and further production capacity will be added as the field is developed and production ramps up. First oil is expected in 2020, with a total cost to Genel estimated at $60 million to the end of 2020. Genel has booked an initial 10 MMbbls of net 2P reserves relating solely to this preliminary phase of the project. Unrisked gross mid case resources relating to the Mus-Adaiyah reservoir only are estimated by Genel at c.150 MMbbls, with overall unrisked gross P50 resources currently estimated by the Company at c.500 MMbbls. Genel now holds 40% equity in the Qara Dagh PSC and is the operator, with Chevron holding 40% and the KRG the remaining 20%. Work is underway on assessing the optimal location for the Qara Dagh-2 well, which is set to be drilled in 2020. Unrisked gross mean resources at Qara Dagh are currently estimated by Genel at c.200 MMbbls. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7653 EQS News ID: 782079 End of Announcement EQS News Service

  • EQS Group3 months ago

    Genel Energy PLC: Holding(s) in Company

    Genel Energy PLC (GENL) 27-Feb-2019 / 12:03 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *27 February 2019 Genel Energy plc Genel Energy plc advises that it has received the notification set out below from Bilgin Grup Doğal Gaz A.Ş., pursuant to DTR 5 of the FCA's Disclosure and Transparency Rules. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7830 9700 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:Genel Energy plc 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rightsX An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify)iii: 3\. Details of person subject to the notification obligationiv NameBilgin Grup Doğal Gaz A.Ş. City and country of registered office (if applicable)Ankara, Turkey 4\. Full name of shareholder(s) (if different from 3.)v Name City and country of registered office (if applicable) 5\. Date on which the threshold was crossed or reachedvi:25/02/2019 6\. Date on which issuer notified (DD/MM/YYYY):27/02/2019 7. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuervii Resulting situation on the date on which threshold was crossed or reached15.0741002%0.0000%15.0741002%279,242,359 Position of previous notification (if applicable)14.905788%0.0000%14.905788% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of sharesISIN code (if possible)Number of voting rightsix% of voting rights Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1) JE00B55Q3P3942,093,273 15.0741002% SUBTOTAL 8\. A B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial instrumentExpiration datexExercise/ Conversion PeriodxiNumber of voting rights that may be acquired if the instrument isexercised/converted.% of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial instrumentExpiration datexExercise/ Conversion Period xiPhysical or cash settlementxiiNumber of voting rights % of voting rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiiiX Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary) Namexv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable threshold Bilgin Grup Doğal Gaz A.Ş.15.0741002%0.0000%15.0741002% 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional informationxvi Place of completion Date of completion27 Feb 2019 * * * ISIN: JE00B55Q3P39 Category Code: HOL TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7638 EQS News ID: 781715 End of Announcement EQS News Service

  • EQS Group3 months ago

    Genel Energy PLC: Taq Taq PSC reserves update

    Genel Energy PLC (GENL) 12-Feb-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *12 February 2019 Genel Energy plc Taq Taq PSC reserves update Genel Energy ('Genel' or 'the Company') announces that McDaniel and Associates ('McDaniel') has completed the competent person's report ('CPR') relating to the oil reserves at Taq Taq as at 31 December 2018. Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision of reserves, resulting in a 62% reserves replacement at the 1P level. This revision does not take into account the recent positive results from the TT-32 well, which completed in 2019 and is currently adding over 3,000 bopd to field production. Drilling in 2019 is targeting opportunities on the flanks of the field, with the TT-20z well nearing completion and three others then to follow. Should the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a significant year-on-year production increase, with room for further growth in 2020. Taq Taq oil reserves Gross oil reserves (MMbbls \- McDaniel)1P2P3P 31 December 201722.854.790.1 Production(4.5)(4.5)(4.5) Technical revisions2.80.31.2 31 December 201821.150.586.8 The Company expects to announce CPR reports for other assets in the portfolio prior to the announcement of full-year results on 20 March 2019. -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7830 9700 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94).). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. 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 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7454 EQS News ID: 774771 End of Announcement EQS News Service

  • EQS Group3 months ago

    Genel Energy PLC: Tawke PSC reserves update

    Genel Energy PLC (GENL) 11-Feb-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *11 February 2019 Genel Energy plc Tawke PSC reserves update Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on forecast reserves on the licence in the Kurdistan region of Iraq: According to international petroleum consultants DeGolyer and MacNaughton, who carried out the annual independent assessment of the Tawke PSC, on a gross basis year-end 2018 1P reserves stood at 348 MMbbls, unchanged from 2017 after adjusting for production of 41 MMbbls and upward technical revisions of 41 MMbbls. Tawke licence 2P reserves stood at 502 MMbbls (513 MMbbls in 2017) and proven, probable and possible (3P) reserves at 697 MMbbls (880 MMbbls in 2017). Broken down by field, Tawke field gross 1P reserves stood at 294 MMbbls (335 MMbbls in 2017), 2P reserves at 376 MMbbls (438 MMbbls in 2017) and 3P reserves at 477 MMbbls (588 MMbbls in 2017). Peshkabir field gross 1P reserves stood at 54 MMbbls (13 MMbbls in 2017), 2P reserves at 126 MMbbls (75 MMbbls in 2017) and 3P reserves at 220 MMbbls (292 MMbbls in 2017). -ends- For further information, please contact: Genel EnergyAndrew Benbow, Head of Communications+44 20 7659 5100 Vigo CommunicationsPatrick d'Ancona +44 20 7390 0230 Notes to editors: Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94).). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. * * * ISIN: JE00B55Q3P39 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 7429 EQS News ID: 774223 End of Announcement EQS News Service

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