Genel Energy PLC Tawke reserves update (3949W)

TIDMGENL

RNS Number : 3949W

Genel Energy PLC

09 February 2017

9 February 2017

Genel Energy plc

Tawke reserves update

Genel Energy plc notes that DNO ASA, as operator of the Tawke field (Genel 25% working interest), has today published updated estimates of Tawke field reserves.

At 31 December 2016, Tawke gross proved (1P) reserves are estimated by DNO ASA at 348 mmbbls, compared to 387 mmbbls at year-end 2015.

At 31 December 2016, gross proved plus probable (2P) reserves are estimated at 504 mmbbls, compared to 543 mmbbls at year-end 2015.

Tawke production in 2016 totalled 39 mmbbls.

At 31 December 2016, Tawke 2C contingent resources are estimated at 100mmbbls, unchanged from year-end 2015.

At the Peshkabir field, gross 2P reserves at 31 December 2016 stood at 32 mmbbls, all of which is located in the Jurassic reservoir, discovered in 2012. Peshkabir's 2C resources at 31 December 2016 are estimated at 111 mmboe, of which 104 mmbbls is oil and 7 mmboe is gas. The Cretaceous discovery at the Peshkabir field, announced by the Tawke field partners in January 2017, added 48 mmboe of gross 2C resources, which is principally oil. At year-end 2015, Peshkabir's gross 2C resources stood at 63 mmboe.

The full DNO Annual Statement of Reserves, providing further context, can be found at www.dno.no

Genel will report full-year 2016 results on 30 March 2017.

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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 includes 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.

Disclaimer

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 09, 2017 02:06 ET (07:06 GMT)