Genel Energy PLC (LSE:GENL, OTC:GEGYY) hailed the first quarterly increase in production since 2015 at the Tawke field as it updated on output in Kurdistan.
The field is part of the wider Tawke production-sharing contract, which also includes the Peshkabir field.
The former contributed a gross 44,600 barrels of oil a day in the second quarter. And, as a result of new wells (three were brought on in Q2), workovers and gas injection, the decline at Tawke has been arrested.
Peshkabir contributed 62,300 barrels a day to an overall total of 106,900 from the combined fields.
Full-year production guidance has been increased to 107,000-109,000 barrels a day from 105,000.
That’s 30,000-31,000 barrels a day net to Genel, which has a 25% stake in the production-sharing contract with Norwegian group DNO acting as the operator.