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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 PLC - Genel Energy Plc boosted as Tawke licence yields production growth for 2019

Genel Energy PLC (LON:GENL) has highlighted a trading update released by DNO International - its partner in Kurdistan - which reported an increase in production volumes from the Tawke field.

The Tawke licence, which is host to two fields, produced 124,000 barrels of oil per day (bopd) in 2019, up from 113,100 bopd in 2018.

At the Tawke field itself production amounted to 68,000 bopd as newly drilled wells supported operations, while the Peshkabir field flowed with 55,200 bopd of production thanks to new wells which added around 40%

READ: Genel receives latest oil payments from KRG

In the fourth quarter, gross production from the licence measured 122,800, marking an improvement of 3,000 bopd in the preceding three-month period.

Genel owns a 25% interest in the Tawke licence, along with a 44% interest in the Taq Taq licence.

Earlier this month, Genel gave an operational update in which it noted that the TT-34 well at the Taq Taq field will commence production “around the middle of January”.

The oiler said the well is nearing completion, with a maximum combined flow rate of over 3,900 bopd. The well is expected to have an initial output of between 1,500 and 2,000 bopd once it comes on stream.

Including test flow from TT-34, Taq Taq reached gross production of 13,650 bopd.

Individual zone testing is underway to determine the long-term production strategy, the company said, adding the rig has now moved to drill the TT-35 well, also on the northern flank of the field, currently preparing to spud.

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