Genel Energy PLC: First oil at Sarta

DJ Genel Energy PLC: First oil at Sarta

Genel Energy PLC (GENL) 
Genel Energy PLC: First oil at Sarta 
 
26-Nov-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
26 November 2020 
 
           Genel Energy plc 
 
           First oil at Sarta 
 
Genel Energy plc ('Genel' or 'the Company') is pleased to announce first oil 
  production from the Sarta field (Genel 30% working interest), less than 21 
                    months after the acquisition of the stake was completed. 
 
  Production has begun at Sarta with first oil flowing from the Sarta-3 well 
    into the Early Production Facility. The Sarta-2 workover operation is on 
    track to be completed in December and the well onstream from January. As 
    previously stated, it is expected that a stable production level will be 
                      reached in Q1 2021. 
 
 Preparations for the 2021 appraisal drilling campaign, which is targeting a 
 material portion of the 250 MMbbls of contingent resources in the Jurassic, 
                      are ongoing. 
 
                      Bill Higgs, Chief Executive of Genel, said: 
 
 "First oil at Sarta is an important strategic and operational milestone for 
Genel, not least given the challenges presented by COVID-19 in 2020. In that 
   context, progressing Sarta to first oil has been a tremendous achievement 
 and a testament to the alignment and co-operation of the field partners and 
contractors. Already the only multi-licence producer in the Kurdistan Region 
  of Iraq, the addition of Sarta further diversifies our production and cash 
  flows. We look forward to the results of our well programme in 2021, which 
is designed to further appraise the potential of the field. This will enable 
     us to work with Chevron to optimise the value of the asset in the years 
                      ahead." 
 
           -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 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: MSCH 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  88550 
EQS News ID:   1150721 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=1150721&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 26, 2020 02:00 ET (07:00 GMT)