Genel Energy Share Discussion Threads

[w1ndjammer] 15/2/2017 10:54

Ask your self one thing, is this company in a better position today than
it was this time last year, has it moved forward or back.........

I AM NOT TALKING ABOUT THE SP

WJ.

[w1ndjammer] 15/2/2017 10:50

yes but it is their main income stream, you know the one that has to pay the bonds.

WJ.

[cumnor] 15/2/2017 10:43

WJ Will you deramp properly if you are going to and desist from these feeble attempts, or else buy the damn stock now and take your chances. Not getting in at 66p is annoying but, hey, thats how it goes.

[w1ndjammer] 15/2/2017 10:37

SPOT THE DIFFERENCE


During 2016, Taq Taq natural field declines were partially offset by the three development sidetracks drilled and completed during the year. Taq Taq has averaged 35,300 bopd in January 2017 to date. A total of 18 wells are currently producing, with five of these wells accounting for c.80% of field production. Taq Taq field water production is currently 12,500 bopd, representing a water cut of 27%, significantly less than total water handling capacity of 55,000 bopd

[w1ndjammer] 15/2/2017 10:33

RNS Number : 3901Q

Genel Energy PLC

29 February 2016

29 February 2016

Genel Energy plc

Taq Taq reserves update

Genel Energy ('Genel' or 'the Company') issues the following announcement in respect of its reserves position at the Taq Taq field (Genel 44% working interest).

In its Trading and Operations Update on 20 January 2016, the Company announced that it was reviewing its Taq Taq reservoir model following production declines seen at the field during 2015.

The results of this internal review and the McDaniel & Associates ('McDaniel') Competent Person's Report ('CPR') on Taq Taq are now largely complete. The initial gross recoverable proven and probable ('2P') reserves (referred to in the industry as Estimated Ultimate Recovery, or EUR) estimated by McDaniel for Taq Taq are summarised in the table below:


Proven plus
Probable (2P)
============================= ===============
EUR as of 30 June 2011(1)
, mmbbls 683
----------------------------- ---------------
EUR as of 31 December 2015,
mmbbls 356
1. original McDaniel Taq
Taq CPR (effective 30 June
2011)

As of 31 December 2015, the Taq Taq field had produced 184 mmbbls gross. The remaining gross recoverable 2P reserves estimate as of 31 December 2015 is therefore:


Proven plus
Probable (2P)
============================= ===============
Reserves as of 31 December,
mmbbls 172

The vast majority of the original Taq Taq oil in place was reservoired within fractures in Cretaceous carbonate formations. The Cretaceous has three principal producing units - the Qamchuqa, Kometan and Shiranish - with the Shiranish being the shallowest interval. Genel's internal Taq Taq review and the CPR process have focused on the fracture porosity within the Shiranish reservoir. Both processes have utilised recently acquired data to establish that the fracture porosity within the Shiranish is lower than estimated in the original McDaniel CPR dated 30 June 2011.

The updated McDaniel CPR will be completed shortly.

Genel currently anticipates that gross Taq Taq production will average c.80,000 bopd in 2016. Gross Taq Taq production is currently estimated at 65-75,000 bopd and 50-70,000 bopd in 2017 and 2018 respectively.

The Company's production guidance of 60-70,000 bopd for 2016 is unchanged.

Genel expects to record an impairment, subject to audit, of approximately $1 billion to the Taq Taq field carrying value in its 2015 accounts. The impairment includes the revised assumptions on recoverable reserves announced today and the impact of lower oil prices.

The Company will host a conference call for analysts and investors today at 0830 GMT, with an associated presentation available on the Company's website, www.genelenergy.com. The dial-in details are below:

Dial-in number: [phone]
Passcode: 8772634
The call will be recorded and made available on the website shortly after it finishes.

As previously stated, Genel will announce results for the year ended 31 December 2015 on Thursday 3 March 2016.

-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]

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

END

[wantmorethan24p] 15/2/2017 10:31

they not investing in taq taq due to irregular payments.

[w1ndjammer] 15/2/2017 10:22

Yes Taq Taq CPR should be out in February, i wan`t to see on the 30th march
what excuses they use for another down grade. they did 3 sidetracks so it can`t
be lack of drilling.

WJ.

[wantmorethan24p] 15/2/2017 10:06

keep buying..80p will be broken today..

i feel confident.

[wantmorethan24p] 15/2/2017 10:03

it could come out today...
tomorrow

or in the next 4 weeks ...

it will not be march 30th.believe me.

[wantmorethan24p] 15/2/2017 09:58

w1ndjammer you may not have to wait for march 30th for TAQ TAQ reserves report.


it may come out well before then..


they said anytime 1st quarter.

[wantmorethan24p] 15/2/2017 09:30

ok mate good luck for march 30th..


news will be leaked well before then..

this is a leaker stock

[w1ndjammer] 15/2/2017 09:22

24P

I still have some on the spreads, but i will not commit any of my hard earned cash
until i hear what they have to say for themselves on the 30th March

lot of BS last year had they told the truth then, this would have hit 30p
as many good oil stocks did and now the trajectory on the chart would have
been up. instead of down as it is now.

WJ.

[wantmorethan24p] 15/2/2017 09:18

have bought some more this morning.

[wantmorethan24p] 15/2/2017 09:16

JP morgan gone overweight.

[wantmorethan24p] 15/2/2017 09:06

Kulvinder this stock is make or break for me.


i hope WAHEGURU JI helps us.

[wantmorethan24p] 15/2/2017 09:05

W1ndjammer have you sold or still hold a small amount.

[wantmorethan24p] 15/2/2017 09:00

i think we have solid support at 75p...


it will not go lower than 75p me thinks.


so those waiting to get back in lowere you have no chance.
especially with a new big hitter being announced soon.

[w1ndjammer] 15/2/2017 08:57

Getting out the rat race is easy, i was out age 43 buy a yacht sail to the Med
live for 100 euro`s per week , just set your expectations a bit lower.

WJ.

[mpclag] 15/2/2017 08:48

so predictable this one

[wantmorethan24p] 15/2/2017 08:41

another tree shake.

[wantmorethan24p] 15/2/2017 08:35

i would take a bid of £3.