Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
14-Jan-2020 / 06:51 GMT/BST
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The issuer is solely responsible for the content of this announcement.
14 January 2020
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:
In the Kurdistan Region of Iraq, production from the two fields in the Tawke
licence climbed from 113,100 bopd in 2018 to 124,000 bopd in 2019.
Production of 122,800 bopd in the fourth quarter of 2019 was up 3,000 bopd
from the previous quarter.
At Tawke, 2019 production stood at 68,800 bopd, with wells drilled last year
contributing 13% of field production at year end. At Peshkabir, 2019
production stood at 55,200 bopd, with wells drilled in 2019 contributing 40%
of field production at year end.
The Peshkabir-to-Tawke gas injection project designed to increase oil
recovery rates at Tawke while eliminating flaring at Peshkabir will be
completed in March 2020.
Genel will issue a trading and operations update on Thursday 16 January
2020.
-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.: 40321
EQS News ID: 952749
End of Announcement EQS News Service
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(END) Dow Jones Newswires
January 14, 2020 01:51 ET (06:51 GMT)
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