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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 PLC - Genel Energy share advance as Sarta field moves closer to 2020 start-up
Phase 1 will be a 20,000 bopd operation

Genel Energy PLC (LON:GENL) shares started Thursday on the front foot as the Kurdistan oiler revealed that partner Chevron has inked a deal that envisages a 20,000 barrel per day crude processing facility at the Sarta field.

The London-listed firm holds a 30% stake in Sarta which is now advancing with a mid-2020 start up targeted.

Chevron has signed up contractor Oilserv for the construction, installation, operation and maintenance for Sarta’s central processing facility (CPF).

Genel described Sarta’s Phase 1 project as ‘a low-cost pilot development’. It noted that with the CPF the field’s crude will be processed before being transferred to a local facility for further distribution.

“Subsequent expansion investment decisions will be based on production behaviour plus a subsequent two to three well appraisal/development campaign,” Genel said.

Genel noted that Sarta’s Jurassic Mus-Adaiyah reservoir alone is estimated to host some 150mln barrels of ‘mid-case’ resources which makes ranks the project as being a similar size to the company’s Peshkabir field.

Quick facts: Genel Energy PLC

Price: 115 GBX

LSE:GENL
Market: LSE
Market Cap: £319.32 m
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