Genel Energy PLC: Update on Tawke PSC

Dow Jones received a payment from EQS/DGAP to publish this press release.

Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
16-Aug-2018 / 07:01 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
16 August 2018 
 
           Genel Energy plc 
 
           Update on Tawke PSC 
 
 Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC 
         (Genel 25% working interest), has today issued an update on licence 
                      activity. 
 
      As previously stated, production at Peshkabir has more than doubled to 
    35,000 bopd, following the successful Peshkabir-4 and Peshkabir-5 wells. 
 
      Peshkabir-6 and Peshkabir-7, completed in August, are about to undergo 
      rigless test production lasting several weeks. Two more wells are then 
   scheduled in 2018, with Peshkabir-8 to spud in 10 days and Peshkabir-9 to 
                      spud in October. 
 
    The operator has set a new Peshkabir production target of 50,000 bopd by 
                      year-end. 
 
  Early production and successful appraisal has raised previous field 1P and 
 2P reserves estimates. Peshkabir-6 also has the potential to unlock further 
                      Cretaceous and Triassic reserves. 
 
 With Peshkabir successfully launched, development drilling is set to resume 
         at the flagship Tawke field, where workovers of existing wells have 
                      stabilised production above 85,000 bopd. 
 
        The operator expects production to also increase at the Tawke field, 
  dependent on the success of new wells in the second half of the year, when 
   two wells will be drilled in the main Cretaceous reservoir and two in the 
   shallow Jeribe reservoir. Engineering work has also begun on the enhanced 
     oil recovery project at Tawke, based on the injection of Peshkabir gas. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
Patrick d'Ancona 
 
                      Notes to editors: 
 
       Genel Energy is an independent oil and gas exploration and production 
  company listed on the main market of the London Stock Exchange (LSE: GENL, 
    LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and 
offices in Ankara and Erbil, is one of the largest London-listed independent 
   oil producers, and is the largest holder of reserves and resources in the 
       Kurdistan Region of Iraq. Through its Miran and Bina Bawi fields, the 
     Company is positioned to be a cornerstone provider of KRI gas to Turkey 
    under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue 
      further growth opportunities. For further information, please refer to 
                      www.genelenergy.com [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  5883 
EQS News ID:   714727 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=714727&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

August 16, 2018 02:03 ET (06:03 GMT)