logo-loader
viewGenel Energy PLC

Genel Energy PLC: Update on Tawke PSC

Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC

27-May-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


27 May 2020

 

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 at the Tawke licence in the Kurdistan Region of Iraq, containing the Tawke and Peshkabir fields, absent drilling of new infill wells to arrest natural field decline, is expected to average 100,000 bopd in 2020. This reflects a drop from 115,210 bopd in Q1 2020 to 100,000 bopd in Q2 2020 and 90,000 bopd over the balance of the year.

 

The Tawke licence exit rate at year-end 2020 is projected at 85,000 bopd, absent any new wells. The operator believes the reduction in oil production is reversible with a restart of drilling as and when the market recovers. Production continues to be split approximately 55-45 between the Tawke and Peshkabir fields.

 

One active workover rig will shortly be moved for scheduled maintenance. However, two third-party rigs remain warm stacked at the Tawke and Peshkabir fields and can quickly be mobilised if oil prices climb and export payments are regularised.

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

 

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.

 



ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 66176
EQS News ID: 1056069

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1056069&application_name=news&site_id=acquiremedia3

Quick facts: Genel Energy PLC

Price: 146.02

Market: LSE
Market Cap: £405.45 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

on 11/11/19