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
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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)
DJ Genel Energy PLC: Audited results for the year ended 31 December 2025 -2-
This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil & gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward looking statements.
CEO STATEMENT
We entered 2025 having established the necessary building blocks to transform the value delivery prospects of this business. The three key pillars at the centre of our strategy are:
-- Maintaining the resilience of our business, by being as efficient as possible and by carefully managing risk -- Getting the most value from our existing portfolio, primarily by accessing international exports for our production
and by investing wisely in our current assets, and finally -- Diversifying our cash generation, by acquiring new assets
The resilience of our business has been improved. Our cash generation from the Tawke PSC has been predictable and resilient. There has been successful optimisation of spend and strong operational performance, resulting in production levels being maintained despite no new wells adding to production in the year and very low annual spend. Towards the end of the year, drilling recommenced for the first time since the pipeline shut in March 2023 and we are excited about the potential for additions to both production and reserves that can be unlocked by an appropriate work programme over the next year.
Towards the end of 2025, a number of Kurdistan IOCs commenced exports under a new interim arrangement with the Federal Government of Iraq ('FGI') and the Kurdistan Regional Government ('KRG'). We see this as significant progress and, although we continue to sell domestically, we keep our position regarding exporting oil under review. In the meantime, the cash we generate immediately from local sales helps maintain our balance sheet strength and fund the resumption of drilling activity on the licence.
We have successfully continued our process to exit legacy assets and financial obligations that would not contribute to delivering value for our shareholders. On Taq Taq, Sarta and Qara Dagh, we have now concluded our exit from these licences with no incremental cost. We have also exited the Lagzira licence in Morocco and the Odewayne licence in Somaliland. These exits have removed non-productive spend and we retain no liability exposure going forward.
From a balance sheet point of view, we issued a new 5-year bond in April, replacing the previous bond that was due to mature in October 2025. We now have a production business that generates double digit free cash flow from domestic sales and a significant cash balance that de-risks funding for fulfilment of our strategic objectives.
With regard to acquiring new assets, we have been very active this year originating, developing, and bidding on opportunities. We will continue to remain active and disciplined to ensure that we invest our cash only on assets that offer the appropriate resilience and production potential, and at a level that will be value accretive.
The Company continues to progress towards building a business that maintains a strong balance sheet, and 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 add reserves and diversify our 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
OPERATING REVIEW
Overview of production and reserves
PRODUCTION FY 2025 FY 2024 Brent USD/bbl 69 81 Price USD/bbl 32 35 WI price USD/bbl 11 10 WI production bopd 17,520 19,650 Carbon intensity kgCO2e/bbl 14.4 13.9
Working interest average production of 17,520 bopd was lower than last year (2024: 19,650 bopd) as a result of the interruption from the drone strikes in July, with all production sold into the domestic market at average of USD32/bbl (2024: USD35/bbl).
Reserves and resources development
Genel's key performance indicator of proven plus probable (2P) net working interest reserves totalled 64 MMbbls (31 December 2024: 82 MMbbls) at the end of 2025.
Remaining reserves (MMbbls) Resources (MMboe)
Contingent Prospective
1P 2P 2C Best
Net Net Net Net
31 December 2024 53 82 10 2,996
Production (6) (6) - -
Acquisitions and disposals (5) (10) - (2,007)
Extensions and discoveries - - - -
New developments - - - -
Revision of previous estimates 7 (2) (1) -
31 December 2025 49 64 9 989
Disposals resulted in a reduction in 2P reserves for the divestment of Taq Taq licence in Kurdistan Region of Iraq ('KRI') and in prospective resources for the exit from the Lagzira licence in Morocco. Acquisitions saw a small addition to prospective resources from Block 54 in Oman.
PRODUCING ASSETS
Tawke PSC (25% working interest)
The Tawke PSC, comprising both the Tawke field discovered in 2006, and the Peshkabir field discovered in 2013, remain the cornerstone of the Company's cash generation. In December 2025, the combined production from both fields reached 500 MMbbls, a significant milestone marking more than two decades of safe and sustainable production operations. With gross 2P remaining reserves of 254 MMbbls and additional development opportunities under evaluation to add more, the Tawke PSC remains a world-class asset.
In Q4 2025, the Joint Venture partnership agreed plans to restart investment drilling in the PSC following a 2-year hiatus since the 2023 export pipeline shutdown. The first well was spudded in December 2025, with additional rigs added since then and the campaign now well underway. This return to investment via a multi-rig programme underscores our confidence in the resource potential of the asset.
Despite no new wells being added in the last few years, gross production from these fields has been maintained at around 80,000 bopd as a result of an active and diligent production optimisation approach by the Operator. In 2025 in particular, a focused campaign of well interventions and workovers yielded a series of incremental gains that were crucial in offsetting natural decline, leading to run rate production being higher than the previous year's average without any additional well stock.
On 16 July 2025, the Operator reported a number of drone-related security incidents across the licence area, that resulted in asset damage to a crude oil tank at Tawke and surface processing equipment at Peshkabir. There were no injuries to personnel and environmental impact was minimal but operations at the Tawke licence were temporarily suspended for damage assessment. Following a partial restart and a period of repair and reinstatement, the Operator was able to restore production on an expedited basis to around 80,000 bopd by early November.
As a result of the exceptional performance from the Operator to restore production to pre-drone attack levels by early November, actual average production for the full year was 70,090 bopd, down just 11% versus 78,615 bopd in 2024. As a point of interest, the average production in the months not impacted by the drone attacks was greater than the average of the previous year.
Despite the significant challenges posed by the unprecedented July drone attack, 2025 was a year of operational resilience and strategic progress for the Tawke PSC and we look forward to working in partnership with the Operator to deliver even more value from the asset in the years ahead.
PRE-PRODUCTION ASSETS
Oman Block 54 (40% working interest)
Our preliminary activity, re-entry and testing of the legacy Batha West-1 (BW-1) discovery well was completed safely, ahead of time and under budget.
The BW-1 well operation was a low-cost preliminary activity to commence our work on the block representing the first of a number of steps towards understanding the full potential of the licence.
Work is now ongoing on analysing data collected from the testing and assessing its implications for the location of further activity on the block, which includes the acquisition of 3D seismic data and drilling two exploration wells over the next 2 years. 2026 activity will be dominated by existing 3D seismic reprocessing and new 3D seismic acquisition and processing whilst planning for and working towards the drilling of the joint venture's first well on the licence.
Somaliland - SL10B13 (51% working interest, Operator)
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March 18, 2026 03:00 ET (07:00 GMT)
DJ Genel Energy PLC: Audited results for the year ended 31 December 2025 -3-
We continue to work towards drilling of the highly prospective Toosan-1 exploration well. In the meantime, Genel continues to work closely with local communities and beneficiaries, with its social investments including a broad range of initiatives in the space of mother and child health, education and the environment.
FINANCIAL REVIEW
2025 financial priorities
The table below summarises our progress against the 2025 financial priorities of the Company as set out at the start of FY 2025.
2025 financial priorities Progress
-- Effectively sold consistently into the domestic market and maintained
price levels despite falling Brent
-- Restored Tawke production rapidly after interruption
-- Finalised Taq Taq, Sarta, Qara Dagh, Lagzira and Odewayne licence
exits at no incremental cost or residual liabilities
-- Continued to optimise organisational cost
-- Issued new bonds
Maintain business resilience, balance sheet
strength and capital availability -- extending debt maturity to 2030 and reducing funding risk for
delivering our strategic objectives
-- reduced debt levels so as to reduce overall net interest cost from USD7
million in 2024 to below USD1 million in 2025
-- Overall delivered production business netback of USD10 million and
overall free cash flow of USD4 million
-- Net cash of USD134 million and cash of USD224 million at end of 2025
provides significant funding for organic and inorganic investment
-- Maintained production at the Tawke PSC through efficient investment,
without incurring the additional cost of drilling new wells
-- Invested cost-effective capital in Block 54 in order to inform the
Ensure appropriate capital allocation and best work programme to de-risk investment over the remainder of the
deliver diversification of our cash commitment period
generation -- Deferred expenditure on non-cash generative projects
-- Continued expediting steps to stop any non-value accretive spend
across the business
-- Continued cost-effective investment in optimisation of processes and
systems to improve operational efficiency
Outlook and financial priorities for 2026
The key principles of our financial focus remain largely unchanged. We have a resilient business model that is designed to mitigate the impact of uncontrollable adverse events and maximise exposure to the upside. Ultimately, we seek to build a business that generates resilient, diverse, and predictable cash flows that support resumption of distributions to shareholders.
2026 financial priorities
Maintain business resilience, balance -- A strong balance sheet protected by resilient cash generation is an
sheet strength and capital important component of our business model
availability -- We expect again that the production business will be free cash flow positive
in 2026 and provide the majority of funding required for the planned capital
investment in pre-production assets
-- Our capital allocation priorities remain maintenance of a strong balance
Ensure appropriate capital allocation sheet, investment in the Tawke PSC and funding of the Company's strategic
prioritisation objectives in order to generate long-term value for shareholders
-- The principal priority is to add new assets to our portfolio with a view to
diversifying our cash generation, which can be done through both organic and
inorganic investment
-- The Company intends to diversify and increase its cash generation through
both organic and inorganic investment, this remains a priority for the
business
-- For organic investment, the Company will only invest where the balance
Invest capital in order to diversify between reward and risk is appropriate, with exciting planned investment in
and increase cash generation and value 2026 on both Block 54 and Toosan-1
delivery -- For inorganic investment, the Company continues to identify, originate and
mature opportunities and will ensure any investment is value accretive and
in line with the Board's priority criteria
Financial results for the year
(all figures USD million) FY 2025 FY 2024 Brent average oil price (USD/bbl) 69 81 Field level realised price per barrel (USD/bbl) 32 35 Average price per working interest barrel (USD/bbl) 11 10 Working interest production (bopd) 17,520 19,650 Revenue 68.7 74.7 Other income 3.4 - Production costs (21.0) (17.6) Production capex (24.2) (23.0) G&A (excl. non-cash) (16.9) (22.2) Net cash interest1 (0.2) (7.0) Production business netback after interest 9.8 4.9 Pre-production capex (5.0) (2.7) Net expense from discontinued operations (0.9) (10.2) Working capital and other 0.2 27.6 Free cash flow 4.1 19.6 Purchases of own shares - (2.4) Settlement of 2025 bonds (65.8) (185.0) Issuance of new 2030 bonds 90.5 - Net change in cash 28.8 (167.8) Opening cash 195.6 363.4 Cash 224.4 195.6 Debt reported under IFRS (90.7) (64.9) Net cash 133.7 130.7
1 Net cash interest is bond interest payable less bank interest income (see note 5)
Production of 17,520 bopd was lower than last year (2024: 19,650 bopd) as a result of the interruption from the drone strikes in July, which impacted production up to early November. All production has been sold domestically at an average price of USD32/bbl (2024: USD35/bbl), which under the PSC translates into USD11 (2024: USD10) per working interest barrel produced.
Revenue was USD69 million (2024: USD75 million), with spend broadly in line with last year: production costs were USD21 million (2024: USD18 million) and production capex was USD24 million (2024: USD23 million).
Cash general and administrative costs were USD17 million, lower than last year (2024: USD22 million) as a result of this year benefiting from cost reductions and no material arbitration costs.
Interest income of USD9 million (2024: USD16 million) and bond expense of USD9 million (2024: USD23 million) both decreased in line with cash and bond balances, with overall net interest cost of USD0.2 million significantly reduced from USD7 million last year as a result of lower debt levels.
The resulting production business netback of USD10 million was higher than USD5 million generated in the last year.
Pre-production capex of USD5 million (2024: USD3 million) was related to Oman and Somaliland assets.
Free cash flow of USD4 million was lower than USD20 million last year, which had benefitted from positive working capital movements of USD28 million.
The Company called its existing bonds in April and issued a new bond, increasing cash by USD25 million.
EBITDAX and cash flow
(all figures USD million) FY 2025 FY 2024 EBITDAX 43.3 1.1 Interest received 8.9 15.8 Working capital (15.9) 50.0 Operating cash flow 36.3 66.9 Producing asset cost recovered capex (18.9) (21.7) Exploration and appraisal capex (4.5) (3.1) Interest and other (8.8) (22.5) Free cash flow 4.1 19.6
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March 18, 2026 03:00 ET (07:00 GMT)
DJ Genel Energy PLC: Audited results for the year ended 31 December 2025 -4-
EBITDAX of USD43 million was significantly higher than last year (2024: USD1 million), mainly due to accrued arbitration cost award last year. EBITDAX is presented in order to illustrate the cash operating profitability of the Company and excludes the impact of costs attributable to exploration activity, which tend to be one-off in nature, and the non-cash costs relating to depreciation, amortisation, impairments, write-offs and share-based expenses.
Free cash flow was USD4 million (2024: USD20 million). Free cash flow is presented in order to illustrate the free cash generated for equity.
Cash and debt
Cash of USD224 million increased from the start of the year (31 December 2024: USD196 million) as a result of positive free cash flow and increase in bond debt. The Company monitors its cash position, cash forecasts and liquidity on a regular basis. The Company holds surplus cash in treasury bills, time deposits or liquidity funds with a number of major financial institutions. Suitability of banks is assessed using a combination of sovereign risk, credit default swap pricing and credit rating.
The nominal value of bond debt increased to USD92 million (31 December 2024: USD66 million). The bond debt matures in April 2030 and has two financial covenant maintenance tests:
Financial covenant Test YE 2025 Equity ratio (Total equity/Total assets) > 30% 63% Minimum liquidity > USD20 million USD224 million
Net assets
Net assets at 31 December 2025 were USD351 million (31 December 2024: USD357 million) and consist primarily of oil and gas assets of USD252 million (31 December 2024: USD273 million), net trade receivables of USD76 million (31 December 2024: USD85 million) and net cash of USD134 million (31 December 2024: USD131 million).
Going concern
The Directors have assessed that the Company's forecast liquidity provides adequate headroom over forecast expenditure for the 12 months following the signing of the annual report for the year ended 31 December 2025 and consequently that the Company is considered a going concern. Further explanation is provided in note 1 to the financial statements.
The Company has net cash of USD134 million at the balance sheet date.
Consolidated statement of comprehensive income
For the year ended 31 December 2025
2025 2024
Note USDm USDm
Revenue 2 68.7 74.7
Other income 2 3.4 -
Production costs 3 (21.0) (17.6)
Depreciation and amortisation of oil assets 3 (50.0) (52.1)
Gross profit 1.1 5.0
Exploration expense 3 (0.3) (2.7)
Reversal of / (accrual for) arbitration cost 3 9.1 (32.2)
(Expected credit loss ('ECL')) of trade receivables / Reversal of ECL 3 (1.3) 1.4
General and administrative costs 3 (18.9) (23.9)
Operating loss (10.3) (52.4)
Operating loss is comprised of:
EBITDAX 43.3 1.1
Depreciation and amortisation 3 (50.1) (52.2)
Exploration expense 3 (0.3) (2.7)
Other non-cash (expense) / income (3.2) 1.4
Finance income 5 8.9 15.8
Bond interest expense 5 (9.1) (18.2)
Net other finance expense 5 (2.2) (7.3)
Loss before income tax (12.7) (62.1)
Income tax expense 6 (0.1) (0.1)
Loss and total comprehensive expense from continuing operations (12.8) (62.2)
Profit / (Loss) from discontinued operations 7 3.9 (14.7)
Loss and total comprehensive expense (8.9) (76.9)
Attributable to:
Owners of the parent (8.9) (76.9)
(8.9) (76.9)
Loss per ordinary share ¢ ¢
From continuing operations:
Basic 8 (4.6) (22.5)
Diluted 8 (4.6) (22.5)
From continuing and discontinued operations:
Basic 8 (3.2) (27.8)
Diluted 8 (3.2) (27.8)
Adjusted Basic LPS1 8 (3.2) (27.6)
1Adjusted basic LPS is loss and total comprehensive expense adjusted for the add back of net impairment/write-off of oil and gas assets and net ECL/reversal of ECL of receivables divided by weighted average number of ordinary shares
Consolidated balance sheet
At 31 December 2025
2025 2024
Note USDm USDm
Assets
Non-current assets
Intangible assets 9 82.7 82.3
Property, plant and equipment 10 171.5 191.1
Trade and other receivables 11 59.4 60.9
313.6 334.3
Current assets
Trade and other receivables 11 23.0 27.2
Cash and cash equivalents 12 224.4 195.6
247.4 222.8
Assets in disposal groups classified as held for sale 7 - 41.8
Total assets 561.0 598.9
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DJ Genel Energy PLC: Audited results for the year ended 31 December 2025 -5-
Liabilities
Non-current liabilities
Trade and other payables 13 (1.3) (0.2)
Provisions 14 (26.3) (25.1)
Interest bearing loans 15 (90.7) -
(118.3) (25.3)
Current liabilities
Trade and other payables 13 (91.7) (109.6)
Interest bearing loans 15 - (64.9)
(91.7) (174.5)
Liabilities directly associated with assets in disposal groups classified as held 7 - (41.8)
for sale
Total liabilities (210.0) (241.6)
Net assets 351.0 357.3
Owners of the parent
Share capital 17 43.8 43.8
Share premium 3,863.9 3,863.9
Accumulated losses (3,556.7) (3,550.4)
Total equity 351.0 357.3
Consolidated statement of changes in equity
For the year ended 31 December 2025
Share capital Share premium Accumulated losses Total equity
USDm USDm USDm USDm
Note
At 1 January 2024 43.8 3,863.9 (3,473.8) 433.9
Loss and total comprehensive expense - - (76.9) (76.9)
Contributions by and distributions to
owners
Share-based payments 18 - - 2.7 2.7
Purchase of own shares for employee share - - (2.4) (2.4)
plan
At 31 December 2024 and 1 January 2025 43.8 3,863.9 (3,550.4) 357.3
Loss and total comprehensive expense - - (8.9) (8.9)
Contributions by and distributions to
owners
Share-based payments 18 - - 2.6 2.6
At 31 December 2025 43.8 3,863.9 (3,556.7) 351.0
1 The Companies (Jersey) Law 1991 does not define the expression "dividend" but refers instead to "distributions". Distributions may be debited to any account or reserve of the Company (including share premium account)
Consolidated cash flow statement
For the year ended 31 December 2025
Note 2025 2024
USDm USDm
Cash flows from operating activities
Loss for the year (8.9) (76.9)
Adjustments for:
Net finance expense 5,7 2.4 12.1
Taxation 6 0.1 0.1
Depreciation and amortisation 3 50.1 52.2
Exploration expense 0.3 -
Reversal of provisions 3 - (3.8)
Net impairments, write-off / (write-back) 3,7 (3.5) 0.8
Other non-cash items (share-based payment cost) 3 1.9 1.9
Changes in working capital:
(Increase) / decrease in trade and other receivables (3.8) 2.5
(Decrease) / increase in trade and other payables (11.0) 62.3
Cash generated from operations 27.6 51.2
Interest received 5 8.9 15.8
Taxation paid (0.2) (0.1)
Net cash generated from operating activities 36.3 66.9
Cash flows from investing activities
Additions of intangible assets (4.5) (3.1)
Additions of property, plant and equipment (18.9) (21.7)
Net cash used in investing activities (23.4) (24.8)
Cash flows from financing activities
Purchase of own shares - (2.4)
Bond repayment 15 (65.8) (185.0)
Issuance of new bond 15 90.5 -
Lease payments (0.7) (0.7)
Interest paid (8.1) (21.8)
Net cash generated from / (used in) financing activities 15.9 (209.9)
Net increase / (decrease) in cash and cash equivalents 28.8 (167.8)
Cash and cash equivalents at 1 January 12 195.6 363.4
Cash and cash equivalents at 31 December 12 224.4 195.6
Notes to the consolidated financial statements
1. Summary of material accounting policies
1. Basis of preparation
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March 18, 2026 03:00 ET (07:00 GMT)
DJ Genel Energy PLC: Audited results for the year ended 31 December 2025 -6-
Genel Energy Plc - registration number: 107897 (the Company), is a public limited company incorporated and domiciled in Jersey with a listing on the London Stock Exchange. The address of its registered office is 26 New Street, St Helier, Jersey, JE2 3RA.
The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and interpretations issued by the IFRS Interpretations Committee (together 'IFRS'); are prepared under the historical cost convention except as where stated; and comply with Company (Jersey) Law 1991. The material accounting policies are set out below and have been applied consistently throughout the period.
The Company prepares its financial statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the financial statements.
Items included in the financial information of each of the Company's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars to the nearest million (USD million) rounded to one decimal place, except where otherwise indicated.
For explanation of the key judgements and estimates made by the Company in applying the Company's accounting policies, refer to significant accounting judgements and estimates on pages 16 to 18.
Going concern
The Company regularly evaluates its financial position, cash flow forecasts and its compliance with financial covenants by considering multiple combinations of oil price, discount rates, production volumes, payments, capital and operational spend scenarios.
The Company has reported cash of USD224 million, with debt of USD92 million maturing in April 2030 and significant headroom on both the equity ratio and minimum liquidity financial covenants.
Although agreements have been reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies to resume exports of crude oil produced in Kurdistan through the Iraq-Türkiye Pipeline, the Company has elected not to participate for now. As a result, the Company is currently selling in the domestic market at lower prices and lower volumes than are available from exports, with significantly reduced cash generation.
The Directors have assessed that, even with continued domestic sales, the Company's forecast liquidity provides adequate headroom over its forecast expenditure for the 12 months following the signing of the Annual Report for the period ended 31 December 2025 and consequently that the Company is considered a going concern.
Consolidation
The consolidated financial statements consolidate the Company and its subsidiaries. These accounting policies have been adopted by all companies.
Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Transactions, balances and unrealised gains on transactions between companies are eliminated.
Joint arrangements and associates
Arrangements under which the Company has contractually agreed to share control with another party, or parties, are joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Investments in entities over which the Company has the right to exercise significant influence but has neither control nor joint control are classified as associates and accounted for under the equity method.
The Company recognises its assets, liabilities, income and expenses relating to its interests in joint operations, including its share of assets and income held jointly and liabilities and expenses incurred jointly with other partners.
2. Significant accounting judgements and estimates
The preparation of the financial statements in accordance with IFRS requires the Company to make judgements and estimates that affect the reported results, assets and liabilities. Where judgements and estimates are made, there is a risk that the actual outcome could differ from the judgement or estimate made.
Significant judgements
There are no significant judgements that the Directors have made in the process of applying the Group and Company's accounting policies that require additional disclosure not already provided under significant estimates.
Significant estimates
The following are the critical estimates that the Directors have made in the process of applying the Group and Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Estimation of hydrocarbon reserves and resources and associated production profiles and costs
Estimates of hydrocarbon reserves and resources are inherently imprecise and are subject to future revision. The Company's estimation of the quantum of oil and gas reserves and resources and the timing of its production, cost and monetisation impact the Company's financial statements in a number of ways, including: testing recoverable values for impairment; the calculation of depreciation, amortisation and assessing the cost and likely timing of decommissioning activity and associated costs. This estimation also impacts the assessment of going concern and the viability statement.
Proved and probable reserves are estimates of the amount of hydrocarbons that can be economically extracted from the Company's assets. The Company estimates its reserves using standard recognised evaluation techniques which are based on Petroleum Resources Management System 2018. Assets assessed as having proven and probable reserves are generally classified as property, plant and equipment as development or producing assets and depreciated using the units of production methodology. The Company considers its best estimate for future production and quantity of oil within an asset based on a combination of internal and external evaluations and uses this as the basis of calculating depreciation and amortisation of oil and gas assets and testing for impairment under IAS 36.
Hydrocarbons that are not assessed as reserves are considered to be resources and the related assets are classified as exploration and evaluation assets. These assets are expenditures incurred before technical feasibility and commercial viability is demonstrable. Estimates of resources for undeveloped or partially developed fields are subject to greater uncertainty over their future life than estimates of reserves for fields that are substantially developed and being depleted and are likely to contain estimates and judgements with a wide range of possibilities. These assets are considered for impairment under IFRS 6.
Once a field commences production, the amount of proved reserves will be subject to future revision once additional information becomes available through, for example, the drilling of additional wells or the observation of long-term reservoir performance under producing conditions. As those fields are further developed, new information may lead to revisions.
Assessment of reserves and resources are determined using estimates of oil and gas in place, recovery factors and future commodity prices, the latter having an impact on the total amount of recoverable reserves. Where the Company has updated its estimated reserves and resources any required disclosure of the impact on the financial statements is provided in the following sections.
Estimation of oil and gas asset values (note 9 and 10)
Estimation of the asset value of oil and gas assets is calculated from a number of inputs that require varying degrees of estimation. Principally oil and gas assets are valued by estimating the future cash flows based on a combination of reserves and resources, costs of appraisal, development and production, production profile, climate-related risks, pipeline reopening and future sales price and discounting those cash flows at an appropriate discount rate.
Future costs of appraisal, development and production are estimated taking into account the level of development required to produce those reserves and are based on past costs, experience and data from similar assets in the region, future petroleum prices and the planned development of the asset. However, actual costs may be different from those estimated.
Discount rate is assessed by the Company using various inputs from market data, external advisers and internal calculations. A post tax nominal discount rate of 14% (2024: 14%) derived from the Company's weighted average cost of capital (WACC) is used when assessing the impairment testing of the Company's oil assets at year-end. Risking factors are also used alongside the discount rate when the Company is assessing exploration and appraisal assets.
Estimation of future oil price and netback price
The estimation of future oil price has a significant impact throughout the financial statements, primarily in relation to the estimation of the recoverable value of property, plant and equipment and intangible assets. It is also relevant to the assessment of ECL, going concern and the viability statement.
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