Genel Energy investors can find comfort in cash position and dividend - broker
Today Genel confirmed it had over US$100mln of net cash at the end of April.
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 taking swift action to protect balance sheet and move forward, says broker
A net cash position of over US$100m and a dividend maintained will provide sufficient comfort to investors
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Oil price Mixed market views yesterday but overall the outlook looks reasonably good. The Opec report shows that after the 1Q and 2Q nightmare a more positive view of the second half. They see significant growth in 2H with increases in dema
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Genel Energy confirms Tawke production volumes
Drilling equipment has now been stored or demobilised amidst the current challenging market environment
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Genel Energy continues to seek viable agreement to advance Bina Bawi asset
Spending on Bina Bawi is presently minimised until tangible progress is made
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Genel Energy (LON:GENL) Genel has received payment for March oil sales from the KRG of $2.5m from Taq Taq net and $8.5m from Tawke. Under new proposals from the KRG during the current oil price situation they will pay monthly invoices 15 da
Genel Energy receives March oil cash amid new payment proposals from KRG
The Kurdistan Regional Government is deferring outstanding payments, four months’ worth, but, at the same time, has committed to paying new monthly invoices within fifteen days
Genel Energy shares boosted by Kurdistan crude payments
Shares in the Iraq-based oiler rose by around 5% in Thursday morning's deals
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Genel Energy reveals “resilient” results, confirms dividend
Chief executive Bill Higgs said Genel's business model and strategy is designed to provide shelter from extreme circumstances
Genel Energy: Tawke field’s production is profitable at US$30 per barrel crude
The London-listed oil producer moved to update investors on prevailing operations on the eve of financial results for 2019.
Genel Energy reveals Tawke production performance, appoints new chair
David McManus has been appointed as Genel's new chairman, taking over from George Rose who held the interim position
Genel Energy receives oil payment for September
The company received US$4.3mln for its share of Taq Taq field sales and US$7.8mln for Tawke.
Genel Energy boasts successful year of production growth and maiden dividends
"2019 was a successful year for Genel, and we continue to deliver on our promises,” said chief executive Bill Higgs
Genel Energy boosted as Tawke licence yields production growth for 2019
The addition of new wells supported higher levels of production from the two-field Tawke licence
Genel Energy receives latest oil payments from Kurdistan Regional Government
Business as usual is how it would appear for Genel in the Kurdistan region of northern Iraqi
Genel Energy’s Taq Taq field new well to soon begin production
The well is nearing completion having recorded a maximum combined flow rate of over 3,900 barrels of oil per day
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Today's Oil & Gas Update - Great Eastern Corporation, Genel Energy, Angus Energy and more...
Great Eastern Energy Corporation* (LON:GEEC): SP Angel site visit to India Genel Energy (LON:GENL) – Steve Whyte to be replaced by George Rose Angus Energy (LON:ANGS): OGA awards Saltfleetby Licence and Operatorship to Angus
Genel Energy appoints George Rose as interim chairman
Rose replaces Steve Whyte who now leaves the company with immediate effect.
Genel Energy ups its stake in Somaliland block SL10B13 to 100%
A presentation on the Somaliland opportunity, given last week at the Africa Oil Week conference in Cape Town, is available on the Genel website
Genel Energy lifts oil sector gloom with strong update
The Northern Iraq-focused oiler was bang on target as it lifted production 12% year on year to average 36,530 barrels of crude per day
Genel Energy's Tawke field to produce 120,000 barrels per day into 2020
Cumulative production from Tawke recently reached 300 mln barrels.
Genel Energy inks drill contract for next year’s Qara Dagh well
The second well at the 200mln barrel oil project is due in the first half of 2020, preparations are presently underway
Genel Energy share advance as Sarta field moves closer to 2020 start-up
Genel described Sarta’s Phase 1 project as ‘a low-cost pilot development’, due to start in mid-2020.
Genel Energy resumes US$10mln share buyback programme
The resumption came as the oiler said its current share price “significantly” undervalued its assets
Cash rolls in as production rises at Genel Energy
"These results demonstrate the continued success of our strategy."
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Genel Energy highlights Kurdistan production performance
The Kurdistan focussed firm is adding multiple new production wells in the second half of this year.
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FTSE 100 closes in the red as traders await first US rate cut since recession
Investors are expecting a cut of 0.25% in the benchmark short-term rate
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Genel Energy launches US$10mln share buyback
Bosses think the market is undervaluing the shares, so they are taking advantage of that by buying back up to US$10mln worth of shares
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Genel Energy appoints Mike Adams to newly created technical director role
"As Genel's operations expand we are growing capability across the company,” said Bill Higgs, Genel chief executive.
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FTSE 100 closes higher led by defensive stocks
Footsie closed up 39 at 7,259, while mid-cap cousin FTSE 250 went the other direction, shedding over six points to close at 19,065
Balance sheet transformed, Genel Energy ready to make most of Kurdistan's second coming
Iraqi Kurdistan has endured its fair share of troubles in recent years, but a series of economic reforms and the decline of ISIS has put the oil-rich region back on the investment map
Genel Energy names Bill Higgs as new chief executive
Chief operating officer Bill Higgs is now taking over the chief executive role at Genel
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FTSE 100 closes firmly in red as traders flee risk ahead of Fed statement
The UK blue-chip index finished down nearly 33 points lower at 7,291
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Macro focus on Wednesday with Fed rate decision and UK inflation data expected
The Fed released a statement in January that suggested it was no longer sure if it would continue raising borrowing costs, after hiking rates four times in 2018
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Retail results to vie with 'Meaningful' Brexit vote, UK, US rate decisions, and key data
DIY stores owner Kingfisher, clothing retailer Next, plus troubled fashion firm Ted Baker will report full-year results, with trading updates due from internet grocer Ocado and online fashion group ASOS
Genel Energy agrees deal to partner Chevron in Kurdistan growth projects
"We are delighted to have been chosen as a partner to Chevron,” said Murat Özgül, Genel chief executive
Genel Energy shares drop despite cash flow boast
“An expected year-on-year increase in production means we are set to continue this performance in 2019," said CEO Murat Özgül
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Genel Energy shares rise as Peshkabir ramp-up continues
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Genel Energy highlights Peshkabir field production growth
"Peshkabir continues to exceed our expectations,” said Murat Özgül, Genel managing director
Genel downgraded by Numis but the broker still sees substantial upside should projects get off the ground
Payments from the Kurdistan Regional Government (KRG) have remained regular in 2018, and Genel has received more than US$100mln this year, prompting the share price to double
Genel ‘continues to build momentum’ in Kurdistan
“We are now approaching three years of consistent payments from the KRG.”
Genel Energy expects significant and sustainable cash flow from Kurdistan oil
“Genel expects to generate sustainable and significant free cash flow going forward"
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The Kurdistan oil and gas business releases its results on Thursday, while investors will be hoping to see continued momentum for the fashion retailer.
Genel Energy shares boosted as RBC delivers upgrade ahead of Iraq elections
The analyst did, however, deliver his seemingly significant upgrade with a hint of caution highlighting that his current view of Genel should be seen as a trade rather than a “conviction call”
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Britain's blue-chip benchmark finished around 27 points lower at 7,615.
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Genel Energy shares rise on new Taq Taq well success
Presently the Taq Taq field produces around 15,000 bopd gross, and over the year-to-date volumes have averaged 18,300 bopd
Deutsche Bank cautions over Genel Energy Kurdistan risks
DB's forecasts are predicated on sustained export and royalty payments but analyst David Mirzai acknowledged the higher risks due to above-ground issues in Kurdistan
Kurdistan oil firms confirm latest payments for crude sales
Political uncertainty has been the main topic of discussion for investors lately, nonetheless Friday's announcements show that cash continues to flow for the region's oil producers.
Genel Energy says well-drilling obligation dropped from Sidi Moussa well in Morocco
Genel expects to shoot 3D seismic in 2018, but it is no longer obliged to drill a well.
GKP and Genel Energy shares trade positively as investor fears ease
"Oil politics are creating tremendous pressures for peace in a region where otherwise the geopolitical context has all the seeds of war," said WH Ireland
Gulf Keystone and Genel Energy shares slump as Iraq tensions ratchet higher
Political insecurity has been a key risk for investors in Kurdistan based oil stocks for quite some time, and the recent escalations have further dented share prices.
Genel Energy higher as it welcomes new COO; Deutsche Bank upgrades
Former Ophir Energy PLC boss Dr William Higgs will take up the role of Genel's chief operating officer on November 6. Paul Schofield steps down from that role as of October 16
Genel Energy details US$50mn gross oil payments from Kurdistan
The payments cover crude sales for the month of July
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GKP and Genel Energy tumble as independence vote ramps up tensions between Kurdistan and Baghdad
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No end to political uncertainty for Genel and GKP as Kurdistan holds Iraq referendum
“Watch this closely for macro implications on crude oil prices and at the micro level for oil & gas companies operating in the country such as DNO, Genel, Gulf Keystone, ShaMaran, and Oryx”
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Genel Energy inks deal for Kurdistan oil payments
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Genel Energy appoints new chief financial officer
The new chief financial officer is due to join the company on July 3.
Former Gulf Keystone bidder snaps up North Sea assets
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Genel Energy confirms bond buy-back pricing
Genel expects to settle the buy-back on April 11, and once complete the company intends to cancel the bonds.
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Genel Energy downgraded by Jefferies on continued Taq Taq concerns
Analyst Mark Wilson highlights that the Taq Taq problems may impede Genel’s growth plans.
Has Gulf Keystone Petroleum turned the corner?
“Effectively under new management and after last year’s refinancing with a balance sheet that actually has net cash GKP is in a stronger position"
Genel Energy salves shareholders pain over 2016 results with launch of US$50mln bond buy-back
Genel's revenues dropped to US$190.7mln for the full-year to December 31 2016, down from US$243.9mln in 2015, as production fell to 53,300 barrels per day, down from 84,900 in 2015
FTSE 100 recoups some losses but Brexit worries weigh
Europe again dominated the mood in London after Article 50 day
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