Genel Energy PLC: Trading and operations update

DJ Genel Energy PLC: Trading and operations update

Genel Energy PLC (GENL) 
Genel Energy PLC: Trading and operations update 
12-Nov-2025 / 07:00 GMT/BST 
 
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12 November 2025 

Genel Energy plc 
 
Trading and operations update 

Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of the third 
quarter and first nine months of 2025. 

Paul Weir, Chief Executive of Genel, said: 
 
"Since our half year results in August, we have been delighted with the progress made on resuming maximum production 
from the Tawke and Peshkabir fields, with the two fields currently back to producing around 80,000 bopd. We now look 
forward to working with the operator to deliver an increased activity programme that can build on these production 
levels. 

Our core business continues to generate free cash flow despite discounted domestic sales prices of just over USD30/bbl. 
We are encouraged by the progress made on the operational resumption of Kurdistan exports, with reports of all 
Kurdistan oil production now flowing through the export pipeline and being sold at Ceyhan. We hope that the 
implementation of the export payment process is effective and sees international oil companies paid their full 
entitlement revenue at international prices, which could enable the Company to participate and significantly increase 
its core business cash generation. We continue to monitor progress closely and remain in regular contact with relevant 
stakeholders. 

In Oman, on Block 54, we have started work towards testing the discovered resource. We are excited about the potential 
of the acreage and look forward to progressing activities there in the coming months. 

We retain a strong balance sheet. At 30 September 2025, our net cash was USD135 million with cash of USD226 million, 
prioritised for the purchase of new production assets." 

PRODUCTION: KURDISTAN TAWKE PSC (25% interest) 
 
 -- Gross production levels are now back to around 80,000 bopd, consistent with the levels achieved in the first half 
  of the year before the interruption from drone strikes, whilst domestic sales prices averaged USD31/bbl for the 
  quarter, with year to date average price USD33/bbl (FY2024: USD35/bbl) 
 -- Working interest production up to 30 September of 16,920 bopd (FY2024: 19,650 bopd) 
 -- Efficient and effective work on well intervention and workovers continues to yield good results, with plans to 
  recommence drilling of production wells well underway 
 -- We expect to receive an insurance payment by the end of the year of around USD3 million for lost production arising 
  from the drone strike 
  
 
PRE-PRODUCTION 
 
 -- OMAN BLOCK 54 (40% interest) 
   - Phase 1 of the 3-year work plan includes testing of the Batha West-1 (BW-1) discovery well, conducting 300km2 
    of 3D seismic and drilling two vertical exploration wells 
   - Initial operations will involve the workover of the existing borehole to confirm suitability for testing 
    followed by testing of multiple pay zones to confirm reservoir deliverability 
   - Preparations are underway, with the workover anticipated to be completed around the end of the year and testing 
    results to follow around the end of Q1 2026 
   - BW-1 well test will inform the location for 3D seismic and subsequent wells 
  
 
 -- SOMALILAND SL10B13 (51% interest) 
   - We continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 
    exploration well 

OUTLOOK 
 
 -- We reiterate our guidance of net cash around the same level at the end of the year as the start 
 -- The Company continues to work towards building a business with a strong balance sheet that delivers resilient, 
  reliable, repeatable and diversified cash flows that support a dividend programme 
 -- Our near-term objectives are: 
   - the restart of exports from the Tawke and Peshkabir fields 
   - maximisation of production and reserves from the Tawke and Peshkabir fields 
   - appraisal on Oman Block 54 
   - an agreed plan with KRG for recovery of overdue receivables 
   - the acquisition of new production assets 
  
 
AGM UPDATE 
 
 -- Following the Annual General Meeting on 8 May 2025 the Company announced that resolutions 2, 3, 4, 5, 6, 7, 8, 
  10,11 and 12 had over 20% of votes cast against them and is required to provide an update on actions taken. The 
  Company has reached out to major shareholders to understand their views and as a result of this process no specific 
  actions have been identified 

-ends- 

For further information, please contact: 

Genel Energy: Luke Clements, CFO      [phone] 
 
Vigo Consulting: Patrick d'Ancona      [phone] 

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). For further information, please refer to www.genelenergy.com

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ISIN:     JE00B55Q3P39, NO0010894330 
Category Code: QRT 
TIDM:     GENL 
LEI Code:   549300IVCJDWC3LR8F94 
Sequence No.: 407894 
EQS News ID:  2228032 
  
End of Announcement EQS News Service 
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November 12, 2025 02:00 ET (07:00 GMT)