Genel Energy PLC: Update on Tawke PSC

Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
14-Jan-2020 / 06:51 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
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                          [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: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  40321 
EQS News ID:   952749 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=952749&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

January 14, 2020 01:51 ET (06:51 GMT)