Genel Energy PLC (LON:GENL) told investors that its 25% owned Tawke PSC project, host to the Tawke and Peshkabir fields, yielded average production of 122,800 barrels of oil per day (bopd) in the fourth quarter of 2019.
The Tawke field produced 63,900 bopd in the three months ended 31 December whilst Peshkabir averaged 58,900 bopd.
Genel noted that a new project, Peshkabir-to-Tawke gas gathering and reinjection, aims to increase oil recovery rates at Tawke while eliminating flaring at Peshkabir and it is expected to complete this spring.
READ: Genel Energy boasts production growth and maiden dividends
In a separate statement, Genel also announced management changes, with David McManus appointed as its chairman with immediate effect. Steve Whyte resigned as chairman back in December, to be temporarily replaced by interim chair George Rose.
"I am delighted to welcome David to the board,” Rose said in Thursday’s statement. “He has vast experience which will help guide the company through the next phase in our development, as we build our operating capability and seek material growth.
“The appointments today bring significant industry and international expertise, with experience of operating, investing, and delivering major projects in the region."
New NED appointments
In other appointments, also announced on Thursday, Sir Michael Fallon was appointed as Genel's senior independent non-executive director, and two further non-executive directors - Tolga Bilgin and Hassan Gozal - were also appointed.
Bilgin and Gozal represent separate major shareholders in Genel - Bilgin Energy and Daax Corporation respectively.
George Rose remains as an independent non-executive director and chairman of the audit committee.
Genel noted that as a result of the new appointments the majority of its board is temporarily not independent, and it is seeking to appoint a further independent director as soon as reasonably practicable.
New chairman David McManus, in Thursday’s statement, said: “Genel has built a portfolio with a compelling mix of cash-generation and funded growth options.
“I look forward to working with the board as the company continues to deliver on its strategy, enters an exciting new chapter, and strives to take advantage of the significant opportunities ahead."