Genel Energy PLC (GENL)
Genel Energy PLC: Somaliland farm-out process
11-Nov-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.
11 November 2019
Genel Energy plc
Somaliland farm-out process
Genel Energy plc ('Genel' or 'the Company') is pleased to announce that it
has increased its stake in the SL10B13 block, onshore Somaliland, to 100%,
having acquired East Africa Resource Group's 25% stake.
As previously announced, a farm-out process relating to the block is now
underway, with Stellar Energy Advisors appointed to run the process.
Interpretation of the 2018 2D seismic data together with basin analysis has
identified multiple stacked prospects, with each of them estimated to have
resources of c.200 MMbbls. A further program of surface oil seep sampling
and analysis reiterates the presence of a working petroleum system on the
block.
A presentation on the Somaliland opportunity, given last week at the Africa
Oil Week conference in Cape Town, is now available on the Genel website -
www.genelenergy.com/investor-relations/results-reports-presentations/ [1].
-ends-
For further information, please contact:
Steller Energy Advisors +44 20 7493 1977
Dave Fassom
Tom Perkins
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
[2].
ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 28216
EQS News ID: 908957
End of Announcement EQS News Service
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(END) Dow Jones Newswires
November 11, 2019 02:00 ET (07:00 GMT)
© 2019 Dow Jones News
