Genel Energy PLC (LSE:GENL, OTC:GEGYY) =highlighted its robust finances in a trading and operations update ahead of its full-year 2024 results, scheduled for release on 18 March.
The year saw increased production and improved cash flow, with working interest output rising to 19,650 barrels of oil per day (bopd), from 12,410 bopd in 2023, whilst free cash flow for the year totalled $19 million.
Genel’s net cash position stood at $131 million at the end of December.
In terms of strategy, the company again noted its intention to identify and acquire new assets and expand its portfolio.
“We start 2025 with a business that has all the building blocks necessary to grow and become more successful,” chief executive Paul Weir said in a statement.
“Genel has a strong balance sheet, our two producing fields within the Tawke PSC form a world-class asset that delivers significant cash generation, even when only selling at heavily discounted domestic prices.
“Genel has a compact, but highly skilled and motivated workforce, dedicated to delivery performance, execution of a growth strategy and pursuit of value accretive acquisitions that will geographically diversify us into reliable and predictable jurisdictions.”
Regarding the company’s assets in the Kurdistan region of northern Iraq, he added: “We continue to work with peers and our host government to push for the conditions necessary to enable testing of any new mechanism for exports.
“We note the recent discussions of a revised budget law in Iraq that would provide the framework for a mechanism to fund the payment of IOCs by the KRG on resumption of exports.”