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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 +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
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)
