Dow Jones received a payment from EQS/DGAP to publish this press release.
Genel Energy PLC (GENL)
Update on Taq Taq PSC
04-Feb-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
4 Feburary 2019
Genel Energy plc
Update on Taq Taq PSC
Genel Energy plc ('Genel') is pleased to announce an update on activity at
the Taq Taq Field (Genel 44% working interest).
Testing of the TT-32 well has now completed. The well flowed oil from three
separate zones, with a maximum individual zone flow rate of c.5,500 bopd
with a 36/64" choke. The free water level was encountered at 1458 metres,
which was 29 metres deeper than the pre-drill estimate and only 57 metres
above the original field-wide FWL. The oil column at the TT-32 well location
is 169 metres. TT-32 has further demonstrated the remaining potential on the
flanks of Taq Taq Field.
The well has now entered production at an initial rate of 3,100 bopd with a
24/64" choke, ahead of previous expectations. With the inclusion of this
production, gross production from the Taq Taq Field is currently c.13,750
bopd.
The horizontal sidetrack well TT-20z spud on 11 January. This well is
targeting production from the Shiranish Formation on the western flank of
the field, and drilling operations are expected to complete in mid-February.
Three further wells are scheduled to be drilled in 2019, as Genel continues
to target the flanks of the field with the aim of delivering a year-on-year
production increase.
-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: MSCU
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 7341
EQS News ID: 772021
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=772021&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
February 04, 2019 02:01 ET (07:01 GMT)
© 2019 Dow Jones News
