Genel Energy PLC: Somaliland farm-out process

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               [phone] 
 
Dave Fassom 
 
Tom Perkins 
 
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 
                      [2]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  28216 
EQS News ID:   908957 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0bf811e61da34c9fd153032524926e15&application_id=908957&site_id=vwd&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=908957&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 11, 2019 02:00 ET (07:00 GMT)