Company
Genel Energy PLC
LON:GENL
Genel Energy is a socially responsible oil producer with production assets in the Kurdistan Region of Iraq and exploration assets in Oman, Somaliland and Morocco. Genel’s plans for delivery of shareholder value are underpinned by its corporate values and are driven by its strategic goals. Genel’s strategy comprises three objectives designed to build a business with resilient and diversified cash flows that delivers sustainable value to shareholders, and with the aim of restarting the payment of a regular dividend. Objective 1: Strong balance sheet Significant cash balance, appropriate leverage, strategic objectives funded Objective 2: Resilient cash generation Significant 2P reserves, predictable and resilient production, strong and efficient operational performance Objective 3: Investment in new cash flows Well-established and effective process for deal origination and evaluation of production or near-to production assets, cash generative assets with value upside
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Genel Energy sees record cash flow as oil price jumps
The company's net cash holding jumped five-fold in the year just ended
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The Pay Zone - Oil price, Genel, IOG, Angus. And finally…
Oil price Oil was up on Friday and up over 6 dollars on the week, mainly due to my stories on Friday as I was late enough to catch the Russian story of cutting 500,000 b/d which fuelled the flames. The rig count was better from producers, o
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Malcy's Blog - Flash blog: Genel, San Leon, Zephyr, SDX, Rockhopper.
A flash blog today, in town with a couple of companies. Oil is rallying sharply ahead of Opec+ on Sunday and Chinese drawing back from Covid shutdowns but we’ve heard that before.LON:GENLGenel has announced that all payments have now been r
Genel Energy reports more strong cash flow as crude stays high
Margins per barrel this year so far have averaged around US$36
Genel Energy receives US$59mln of payments from Kurdistan for June sales
The company has now received nearly all previously outstanding payments
Genel Energy names Paul Weir as its new chief executive
“I am excited to be leading Genel as we move on to the next chapter of our growth story," Weir said
Genel Energy receives latest cash injection as KRG makes latest payments
Last month, Genel released interim results showing ‘transformed’ revenue and profit.
Genel Energy talking Tawke as it hails success in Kurdistan
The company holds a 25% interest in the prolific oil asset
Genel Energy to use financial strength to target “right assets at right price”
Genel expects to generate over US$250mln of free cash flow this year.
Genel Energy confirms receipt of US$48.8mln from Kurdistan
The latest payment from Kurdistan covers sales from the month of April.
Genel Energy receives US$60.6mln payments for oil sales
The payments from the Kurdistan Regional Government covered March oil sales and a portion of past receivables
Genel Energy appoints chief operating officer as interim chief executive
Paul Weir, the oil producer’s chief operating officer, has been appointed as interim chief executive officer with immediate effect. A search for a suitable replacement is now in progress.
Genel Energy receives US$42.4mln oil sales payment from KRG
It is still owed US$82mln from KRG for historic oil sales from November 2019 to February 2020 and the suspended override from March to December 2020
Genel Energy appoints Luke Clements as CFO
“Luke is the ideal person to continue delivering the financial platform that facilitates our strategy," said chair David McManus
Genel Energy shareholders upturn management at AGM
Chief executive Bill Higgs was not re-elected at today's AGM.
Genel Energy says finances are robust as new opportunities are under review
“As we look to add production and further bolster our progressive dividend and create value for stakeholders, we continue to review both organic and inorganic opportunities,” chief executive Bill Higgs said
Genel Energy completes Sarta-5 appraisal test
Appraisal efforts continue at Sarta, with the next well expected to provide results in the third quarter
Genel Energy receives US$35.4mln of oil sales payments from KRG
The company received payments for the month of December
Genel Energy hikes dividend and eyes further investment as cash flow set to surge
“Our priority is investment in production to maximise the value of our existing assets, and continuing to develop Sarta,” said chief executive Bill Higgs
Genel Energy receives US$37.9m of payments from Kurdistan
After a receivable recovery payment was received, the company is now owed US$111mln from the KRG for historical oil sales
Genel Energy: Tawke field’s operator expects 105,000 bopd of production in 2022
Drilling operations resumed in Q3 2021 to support volumes against natural decline.
Genel Energy eyes significant rise in 2022 cashflow
“Our focus in 2022 is on growing the business and supporting our progressive dividend long-term," said Bill Higgs.
Genel Energy CFO to step down in March; says company in 'strong financial position'
The company has begun its search for a replacement, with an announcement to be made in due course
Genel Energy and Chevron halt Qara Dagh drill programme
“We will work with Chevron to ascertain the best way forward on the licence," said Genel chief executive Bill Higgs
Genel Energy inks farm-out deal for Somaliland exploration venture
"Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel technical director Mike Adams.
Genel Energy to seek 'substantial' compensation in Kurdistan government dispute
A London arbitration will be sought as Genel challenges the KRG
Proactive Oil & Gas weekly highlights: Genel Energy, Mosman, Empyrean, Challenger, Eco Atlantic, Westmount
It was another active week for the small-cap oil and gas sector.
Genel Energy receives US$29.9mln of oil payments
Along with the payments for August oil sales it also included owed payments for previous sales
Genel Energy lifts interim dividend as 'material positive cash flow' continues
Genel said it has confidence to invest in its operations and return surplus cash to shareholders via increased dividends
Genel Energy says Tawke PSC production averaged 105,179 bopd in third quarter
Genel expects five Tawke wells to be drilled before the end of the year
Genel Energy confirms US$32mln of oil payments for September
It covered sales of oil from the Tawke, Taq Taq and Sarta fields
Genel Energy receives US$33.7mln from KRG
For the first time, the oil payments included proceeds from sales from the recently developed Sarta field
Genel Energy says it plans to protect its rights as Kurdistan govt moves to terminate Bina Bawi and Miran contracts
“Genel wishes to continue operations under the PSCs and to work with the KRG on the development of these fields," the company said
Genel Energy raises dividend as first half sees strong cash generation
High-margin production will generate sufficient cash flow in 2021 to more than cover investment in growth and the increased dividend, according to chief executive Bill Higgs
Genel Energy says Tawke PSC produced 110,300 bopd in Q2
The Peshkabir field contributed 63,000 bopd and Tawke yielded 47,300 bopd
Genel Energy receives US$30.4mln in oil payments from the Kurdistan regional government
The latest payments cover crude oil sales made in May
Genel Energy receives payments from Kurdistan Regional Government
They relate to oil sales during April 2021 and March's invoices
Genel Energy receives March oil payments from KRG
Just under US$20mln was received for the month's oil sales
Genel Energy notes new Kurdistan terms for catch-up oil payments
The KRG said that the changes comes as a result of ongoing challenges presented by the COVID-19 pandemic in Iraq
Genel Energy eyes ‘material cash position’ amid improved oil prices and ‘catch up’ payments in Kurdistan
The company continues to carry out its work programmes across all producing and appraisal assets despite the challenges of COVID-19
Genel Energy confirms latest Kurdistan oil payments
It comes as the operations at the Tawke PSC see crude oil volumes rising.
Genel Energy talks growth for 2021 as it draws line under 'uniquely challenging' 2020
“As we make investment in growth, the low-cost and high-margin nature of our growing oil production means that we expect to generate significant free cash flow at the prevailing oil price," said Bill Higgs
Genel Energy receives latest batch of Kurdistan oil payments
Payments for January's oil sales have now been received.
Genel Energy says Sarta-3 well has started production
The field is now flowing over 10,000 barrels of oil per day
Genel Energy provides annual reserves tally
The Kurdistan based oiler updated its inventory after another consistent production year.
Genel Energy receives monthly oil payments from Kurdistan
The company has received US$11.9mln of net payments for oil sales from the Tawke and Sarta fields, with payment for Taq Taq expected shortly
Genel Energy eyes growth and well drilling in 2021
"Executing our strategy in 2020 through delivering low-cost production, paying a material dividend, and retaining our financial strength in order to invest in growth has helped lay the foundations for year-on-year production increases in th
Genel Energy says Tawke production exceeds 100,000 barrels per day for sixth year in a row
The group said production was supported by gas reinjection during the second half of 2020
Genel Energy on-track for growth amid improved oil prices
Genel is the largest holder of reserves and resources in the Kurdistan Region of Iraq
Genel Energy banks November's receipts for oil sales
Genel updates every month on when it has received the readies for oil sales from its fields in Kurdistan
Genel Energy says override payments on Tawke gross field revenues will resume with the January 2021 invoice
Assuming the prevailing oil price, this translates into over $5mln of additional cash proceeds on a monthly basis, the group said.
Genel Energy updates on Sarta field as crude liftings begin
The Sarta-3 well is currently flowing in excess of 5,000 barrels of oil per day
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Malcy's Blog - Genel Energy; Bahamas Petroleum; Providence Resources; San Leon and more...
Genel Energy (LON:GENL) Genel announce that payments received from the KRG for October oil sales were a net $2.2m from Taq Taq and $8.1m from Tawke. This makes 8 months of consecutive payments under the KRG payment mechanism. Gulf Keystone
Genel Energy receives October oil payments
Genel's net share of payments for the month amount to US$10.3mln
Genel Energy celebrates ‘first oil’ at Sarta field
"First oil at Sarta is an important strategic and operational milestone for Genel," said chief executive Bill Higgs
Genel Energy confirms higher production in first nine months of 2020
"Genel continues to demonstrate its resilience," said chief executive Bill Higgs
Genel Energy says operator DNO highlights production increase at Tawke PSC in Kurdistan
The group said production at the Tawke licence increased to 113,700 barrels of oil per day in the third quarter, reversing earlier coronavirus-related declines
Genel Energy sees cash boost as it completes US$300mln bond issue and receives August oil payments
Some US$223mln of the bond proceeds will be used to repay prior bonds, due to mature 2022
Genel Energy releases inaugural comprehensive sustainability report
"We continue our journey to meet head-on the challenges associated with the energy transition,” said chief executive Bill Higgs
Genel Energy looks to raise US$300mln via bond financing
A roadshow to is planned as Genel goes for a new five-year bond
Genel Energy confirms Tawke production above 100,000 bopd in Q2
Production was boosted in July after a previously stalled well programme was fast-tracked
Genel Energy receives close to US$10mln in oil payments for June
A total of US$34.7mln gross was paid by the KRG, amounting to around US$9.8mln net to Genel
Genel Energy appoints Canan Ediboğlu as independent non-executive director
Ediboğlu adds balance to the board and brings industry and financial experience, as well as work with NGOs.
Genel Energy says Tawke PSC in Kurdistan set to yield 100,000 bopd gross for 2020
New wells are needed to offset natural field decline but the drill rigs are stacked amidst weak economic conditions