Genel Energy PLC Kurdistan Operational Update (3418M)

TIDMGENL

RNS Number : 3418M

Genel Energy PLC

12 October 2016

12 October 2016

Genel Energy plc

Kurdistan Operational Update

Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that three new production wells have been completed at the Tawke field in the Kurdistan Region of Iraq as part of a stepped up drilling program kicked off in July 2016.

The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on production following an acid stimulation program. Two additional wells targeting the shallow Jeribe reservoir, Tawke-33 and Tawke-34, are also being readied for production. A further Jeribe well, Tawke-37, will be spudded next week. The four wells are expected to cost less than $20 million in total and add about 10 percent to field output capacity.

Earlier this month the Peshkabir-2 well was spudded, aiming to appraise the Jurassic reservoir and explore the Cretaceous horizon on a previous discovery to the west of the main Tawke field. This well marks the completion of the current drilling program at the Tawke license which was initiated on the back of monthly export payments from the Kurdistan Regional Government. Plans to engage a third drilling rig were dropped in September though the company expects to re-start investments to boost production to a targeted level of 135,000 bopd following the resumption of regular and predictable payments.

Tawke production during the third quarter averaged 109,159 bopd, of which 108,759 bopd was delivered for export through Turkey.

-ends-

For further information, please contact:

 
 Genel Energy 
  Phil Corbett, Head of Investor 
  Relations 
  Andrew Benbow, Head of Public 
  Relations                         [phone] 
 
 Vigo Communications 
  Patrick d'Ancona                  [phone] 
 

This announcement contains inside information.

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main

market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and

offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the

largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina

Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the

Middle East and Africa. For further information, please refer to www.genelenergy.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFITIILFLIR

(END) Dow Jones Newswires

October 12, 2016 04:01 ET (08:01 GMT)