Genel Energy PLC: Update on Tawke PSC

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Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
07-Feb-2019 / 07:16 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. 
 
7 February 2019 
 
           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: 
 
 Gross production from the Tawke license, containing the Tawke and Peshkabir 
       fields, averaged 113,041 bopd during 2018. Cumulative Peshkabir field 
  production approached 10 million barrels, less than 18 months after coming 
    onstream. Cumulative Tawke field production since inception totalled 255 
                      million barrels at year end 2018. 
 
   Peshkabir production from six wells averaged 54,000 bopd in January 2019. 
   The Peshkabir-9 well has been completed and is to be placed on production 
   later this month. The Peshkabir-10 well is due to spud in mid-February as 
               part of the 2019 field drilling campaign of up to four wells. 
 
     In January 2019 Tawke production averaged 74,000 bopd. Three wells were 
 completed in Q4 2018 with the Tawke-52 Cretaceous well due to come onstream 
                      shortly. 
 
 An active 2019 Tawke drilling programme is planned by the operator of up to 
 14 new wells, of which 10 are currently approved as firm, in the Cretaceous 
                      and Jeribe reservoirs to stabilise production. 
 
      The operator has also identified the potential to add reserves through 
            appraisal and exploration, possibly including a deep Tawke well. 
 
           -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. Genel has highly cash-generative oil production 
    from the Taq Taq and Tawke licences, with material growth potential from 
other assets in the portfolio. 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.:  7404 
EQS News ID:   773493 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=773493&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

February 07, 2019 02:17 ET (07:17 GMT)