DJ Genel Energy PLC: Update on Tawke PSC
Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
19-Dec-2023 / 07:00 GMT/BST
=----------------------------------------------------------------------------------------------------------------------
19 December 2023
Genel Energy plc
Update on Tawke PSC
Genel Energy plc ('Genel' or 'the Company') 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 in the Kurdistan Region of Iraq continues to climb, with the December to date
average approaching 90,000 bopd. That lifts the projected fourth quarter 2023 gross production figure to 65,000 bopd,
up from 26,000 bopd in the third quarter and zero production in the second quarter, following closure of the
Iraq-Türkiye Pipeline in March 2023.
Genel's entitlement share of Tawke licence production in Q4 is 13%, which is sold to local buyers at prices in the low
to mid-USD 30s per barrel. All such sales are conditional on advance payment in US dollars.
In addition to stepping up local sales, costs have materially reduced since the pipeline closure, with operational
spend in the Tawke licence averaging 65% below the pre-export shutdown level.
Genel received USD8.2 million for local sales in October (including final sales from storage from Sarta) and USD6.6 million
in November, and is set to receive over USD10 million in December 2023. Genel's share of Tawke licence expenditure is
around USD4 million per month.
-ends-
For further information, please contact:
Genel Energy
+44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Consulting
+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), 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 Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com
----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 292699 EQS News ID: 1799501 End of Announcement EQS News Service =------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1799501&application_name=news
(END) Dow Jones Newswires
December 19, 2023 02:00 ET (07:00 GMT)
