Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
30-Jul-2020 / 07:00 GMT/BST
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30 July 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.
Gross production from the Tawke licence averaged 102,000 bopd during the
second quarter of 2020, of which the Tawke field contributed 58,100 bopd and
the Peshkabir field 43,900 bopd. Taken together, this is a reduction of 11%
from the first quarter, as the operator halted development activity to
preserve cash at a time of historically low and uncertain oil prices.
In June 2020, following the stabilisation of oil prices and export payments,
a Tawke licence well intervention campaign was fast-tracked, quickly adding
an incremental 15,000 bopd month-on-month to raise average July 2020
production to 115,000 bopd.
The Peshkabir-to-Tawke gas reinjection project (the first enhanced oil
recovery project in Kurdistan) was commissioned in June, and aims to unlock
additional oil reserves at Tawke while significantly reducing gas flaring at
Peshkabir.
-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 a socially responsible oil producer listed on the main
market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94).
The Company is one of the largest London-listed independent hydrocarbon
producers, with an asset portfolio that positions us well for a future of
fewer and better natural resources projects. Genel has low-cost and
low-carbon production from the Taq Taq and Tawke licences in the Kurdistan
Region of Iraq, providing financial resilience that allows investment in
growth and the payment of a material and sustainable dividend, even at a low
oil price. 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.: 78856
EQS News ID: 1105653
End of Announcement EQS News Service
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(END) Dow Jones Newswires
July 30, 2020 02:00 ET (06:00 GMT)
