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Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
01-Nov-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
1 November 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:
Going into the fourth quarter, Peshkabir field production has ramped up to
over 50,000 bopd from six wells less than 18 months after commencement of
operations, beating its end-2018 target ahead of schedule and below budget.
Six wells are currently producing from Peshkabir, and the seventh,
Peshkabir-8, will shortly commence test production. Peshkabir-9 will spud in
mid-November.
At the Tawke field, two shallow Jeribe wells, Tawke-50 and Tawke-51, were
brought onstream during October. The Tawke-49 well, drilled to the deeper
Cretaceous, will follow later this month. The well has been drilled
utilising underbalanced technology, the first on the licence, and is
producing from the target zone while drilling. The Tawke-52 Cretaceous well
will spud by the end of November. Tawke is currently producing at an average
rate of 80,000 bopd.
The operator expects to exit the year with Tawke PSC production of at least
130,000 bopd.
-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 Bina Bawi and Miran 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.: 6397
EQS News ID: 740313
End of Announcement EQS News Service
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(END) Dow Jones Newswires
November 01, 2018 03:01 ET (07:01 GMT)
