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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 also got a boost as Deutsche Bank upgraded its rating to ‘hold’ from ’sell’

Kudistan region of Iraq-focused Genel Energy PLC (LON:GENL) saw its shares push higher today as it announced that former Ophir Energy Plc (LON:OPHR) boss Dr William Higgs will take up the role of chief operating officer, with a broker upgrade also adding support.

The new hire comes as Paul Schofield steps down from the COO role as of October 16, with Higgs to start on November 6, the company said in a statement.

READ: Genel Energy details US$50mn gross oil payments from Kurdistan

Higgs has nearly 30 years' of global exploration, development and operations experience, including more than five years in executive roles for independent exploration and production (E&P) companies.

He previously spent 23 years at major Chevron (NYSE:CVX) in a variety of global roles, including reservoir management of the giant Tengiz oil and sour gas field in Kazakhstan.

Most recently, as COO for Ophir, he was responsible for managing the global asset portfolio.

Meanwhile, Genel also got a boost as Deutsche Bank upgraded its rating for the stock to ‘hold’ from ’sell’ after more than doubling its target price to 154p from 72p in a review of European Exploration & Production companies.

In the note, the German bank's analysts said the upgrade follows Genel’s “deal with the KRG on the past receivables it was owed and that any potential Turkish pipeline shut-down is likely to be temporary.”

In late afternoon trading, Genel shares were 3% higher at 135.5p.

 -- Adds Deutsche downgrade, updates share price --

Quick facts: Genel Energy PLC

Price: 141 GBX

Market: LSE
Market Cap: £391.52 m

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