Genel Energy PLC (GENL)
Genel Energy PLC: Update on Sarta PSC
05-Sep-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
5 September 2019
Genel Energy plc
Update on Sarta PSC
Genel Energy plc ('Genel' or 'the Company') can confirm that Chevron Sarta,
as operator of the Sarta field (Genel 30% working interest), has signed a
contract with OILSERV for the construction, installation, operation and
maintenance of a 20,000 bopd central processing facility ('CPF').
OILSERV has been contracted for the facility through a lease agreement. The
commissioning of the CPF and production start-up remains on track for the
middle of 2020.
Phase 1A of the development represents a low-cost pilot development of the
Mus-Adaiyah reservoirs, designed to recover 2P gross reserves of 34 MMbbls.
Crude will be processed through the CPF and then transferred to a local
facility for further distribution.
Subsequent expansion investment decisions will be based on production
behaviour plus a subsequent two to three well appraisal/development
campaign. Unrisked gross mid-case resources relating to the Jurassic
Mus-Adaiyah reservoir alone are estimated by Genel at c.150 MMbbls, similar
in size to the Peshkabir field.
-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. 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: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 19033
EQS News ID: 868791
End of Announcement EQS News Service
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(END) Dow Jones Newswires
September 05, 2019 02:00 ET (06:00 GMT)
