DJ Genel Energy PLC: Audited results for the year ended 31 December 2025
Genel Energy PLC (GENL)
Genel Energy PLC: Audited results for the year ended 31 December 2025
18-March-2026 / 07:00 GMT/BST
=----------------------------------------------------------------------------------------------------------------------
18 March 2026
Genel Energy plc
Audited results for the year ended 31 December 2025
Genel Energy plc ('Genel' or 'the Company') announces its audited results for the year ended 31 December 2025.
Paul Weir, Chief Executive of Genel, said:
"We have established an ever more resilient business with significant upside potential, and we are now well-placed to
deliver value to our shareholders and build a business that generates resilient, diversified and predictable cash flows
that will support the resumption of distributions to shareholders.
In 2025 we made good progress on a range of fronts: our business continued to generate double digit USD millions of
production business free cash flow, and we reported bottom line positive free cash flow to improve our net cash
position, with excellent progress being made on reorganising the business. We successfully exited three unprofitable
licences in Kurdistan and two in Africa, without incurring any new exit payments or retaining potential liability
exposures. We also refinanced our bond, de-risking funding for delivery on future strategic priorities. We continue to
maintain a strong focus on rigorous capital allocation.
Since regional hostilities began two weeks ago, production has been temporarily halted from Tawke. A state of readiness
has been maintained to allow a production restart as soon as it is safe to do so. At this moment, our guidance for 2026
remains unchanged from our January trading statement. Our key focus remains acquiring new assets to diversify our cash
generation, and participating in exports from Kurdistan, whilst ensuring that we maintain the right balance between
risk and reward. Operationally, our organic portfolio, where there remains significant unvalued potential, is
well-positioned to deliver progress this year, with planned drilling at Tawke targeting additions to both production
and reserves, a clear plan for de-risking Block 54 in Oman and tangible progress towards drilling the Toosan-1 well in
Somaliland."
Results summary (USD million unless stated)
2025 2024
Average Brent oil price (USD/bbl) 69 81
Average realised price (USD/bbl) 32 35
Production (bopd, working interest 'WI') 17,520 19,650
Revenue 68.7 74.7
Production costs (21.0) (17.6)
EBITDAX1 43.3 1.1
Operating loss (10.3) (52.4)
Cash flow from operations 36.3 66.9
Capital expenditure 29.2 25.7
Production business netback after interest 9.8 4.9
Free cash flow2 4.1 19.6
Cash 224.4 195.6
Total debt 92.0 65.8
Net cash3 133.7 130.7
Basic LPS from continuing operations (¢ per share) (4.6) (22.5)
Dividend (¢ per share) - -
1. EBITDAX is operating loss adjusted for the add back of depreciation and amortisation, exploration expense, net
write-off/impairment of oil and gas assets, net ECL/reversal of ECL receivables and other non-cash items 2. Free cash flow is reconciled on page 8 3. Reported cash less IFRS debt is reconciled on page 8
Highlights
-- Following the U.S.-Israeli air war on Iran that started on 28 February 2026, production and drilling operations on
the Tawke licence were temporarily shut down. The Company continues to monitor developments closely to assess when
it can safely and securely resume operations -- Tawke generated predictable production with consistent domestic sales demand, resulting in working interest
production of 17,520 bopd (2024: 19,650 bopd), with all production sold domestically -- Domestic sales price averaged USD32/bbl for the year (2024: USD35/bbl), with all cash due for domestic sales received
before the end of the year -- Production was temporarily stopped in July following the drone attacks on a number of Kurdistan oil operations,
including Tawke, with gross production back to around 80,000 bopd by November -- Production business netback of USD10 million (2024: USD5 million) and free cash flow of USD4 million (2024: USD20 million).
Closing net cash of USD134 million (2024: USD131 million)
- Cash of USD224 million (2024: USD196 million)
- Bond debt of USD92 million due in 2030 (2024: USD66 million) -- In late September, agreements were signed between the Federal Government of Iraq ('FGI'), the Kurdistan Regional
Government (the 'KRG') and a group of international oil companies to resume exports of crude oil produced in
Kurdistan through the Iraq-Türkiye Pipeline. Genel chose not to participate at that point and continues to keep
exports under review, with participating parties reporting that the process is working in line with expectation -- Balances with the KRG
- USD88 million (under KBT pricing and excluding interest) remains overdue from the KRG, although this has been
reduced by about USD40 million credit balances. We continue to work towards a plan for payment or settlement of
amounts owed, and appropriate adjustment for price and interest
- Not included in the USD40 million, Genel Energy Miran Bina Bawi Limited, a subsidiary of the group, owes the KRG
around USD26 million relating to an arbitration legal fees charge, an appeal against which will be held in April
in London -- Exits from the Sarta, Qara Dagh and Taq Taq licences finalised with no residual liability exposure. We have also
exited the Lagzira licence in Morocco and the Odewayne licence in Somaliland, again with no residual liability
exposure -- A socially responsible contributor to the global energy mix:
- Portfolio carbon intensity under 14.4 kgCO2e/bbl, remaining below the industry average target
- Climate disclosure: maintained a CDP Climate rating of B for a fourth consecutive year
- The Genel20 Scholarship programme has entered its fourth year, where Genel is providing university tuition
funding for undergraduates from the Kurdistan Region of Iraq
- In Somaliland, Genel continued to engage with local communities through its social investments focused on
healthcare in rural areas and supporting local education
OUTLOOK
-- With Tawke domestic market sales expected to be consistent, and with production expected to benefit from new
drilling in FY 2026, we expect production business netback to more than cover Genel's costs, which include net
interest payable -- Incremental to the production business, the Company expects to invest up to USD20 million on its pre-production
assets:
- On Block 54 in Oman, in line with the 3-year initial exploration phase work plan, which includes 3D seismic
acquisition and drilling two wells, as we announced at the time of entering the licence in the first half of
2025
- SL10B13 in Somaliland, as we make progress towards drilling the Toosan-1 prospect in 2027 -- The Company continues to progress towards building a business with a strong balance sheet that delivers resilient,
reliable, repeatable and diversified cash flows that support a dividend programme. The Company's objectives for the
year on the path to building that business include:
- acquisition of new assets to diversify our reserves and resources and cash generation
- restart of exports of Tawke oil to access international pricing
- pursuit of net amounts owed by the KRG
- safe execution of activity on Block 54
- further progress towards drilling Toosan-1
Enquiries:
Genel Energy
+44 20 7659 5100
Luke Clements, CFO
Vigo Consulting
+44 20 7390 0230
Patrick d'Ancona
Genel will host a live presentation via the Investor Meet Company platform on Thursday 26 March at 10.00 a.m. GMT. The presentation is open to all investors. Questions can be submitted pre-event via your Investor Meet Company dashboard or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Genel Energy PLC via:
https://www.investormeetcompany.com/genel-energy-plc/register-investor. Investors who already follow Genel on the platform will automatically be invited.
This announcement includes inside information.
Disclaimer
(MORE TO FOLLOW) Dow Jones Newswires
March 18, 2026 03:00 ET (07:00 GMT)
