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Share Name Share Symbol Market Type Share ISIN Share Description
Genel Energy LSE:GENL London Ordinary Share JE00B55Q3P39 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +5.00p +2.54% 202.00p 201.50p 202.00p 204.00p 195.60p 195.60p 853,945 16:29:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 228.9 272.0 97.1 2.1 563.63

Genel Energy PLC: Taq Taq PSC reserves update

12/02/2019 7:02am

UK Regulatory (RNS & others)


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Taq Taq PSC reserves update 
 
12-Feb-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
12 February 2019 
 
          Genel Energy plc 
 
          Taq Taq PSC reserves update 
 
         Genel Energy ('Genel' or 'the Company') announces that McDaniel and 
 Associates ('McDaniel') has completed the competent person's report ('CPR') 
             relating to the oil reserves at Taq Taq as at 31 December 2018. 
 
       Field performance in 2018, and notably the success of the TT-29w well 
 drilled on the northern flank of the field, has led to an upwards technical 
     revision of reserves, resulting in a 62% reserves replacement at the 1P 
                    level. 
 
   This revision does not take into account the recent positive results from 
  the TT-32 well, which completed in 2019 and is currently adding over 3,000 
                    bopd to field production. 
 
Drilling in 2019 is targeting opportunities on the flanks of the field, with 
  the TT-20z well nearing completion and three others then to follow. Should 
the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a 
  significant year-on-year production increase, with room for further growth 
                    in 2020. 
 
Taq Taq oil reserves 
 
Gross oil reserves (MMbbls - McDaniel)  1P    2P    3P 
31 December 2017                       22.8  54.7  90.1 
Production                             (4.5) (4.5) (4.5) 
Technical revisions                     2.8   0.3   1.2 
31 December 2018                       21.1  50.5  86.8 
 
         The Company expects to announce CPR reports for other assets in the 
  portfolio prior to the announcement of full-year results on 20 March 2019. 
 
          -ends- 
 
                    For further information, please contact: 
 
Genel Energy                          +44 20 7659 5100 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   +44 20 7830 9700 
 
Patrick d'Ancona 
 
                    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, 
  LEI: 549300IVCJDWC3LR8F94).). 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. Genel has highly cash-generative oil production 
    from the Taq Taq and Tawke licences, with material growth potential from 
other assets in the portfolio. Genel also continues to pursue further growth 
 opportunities. For further information, please refer to www.genelenergy.com 
                    [1]. 
 
                    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. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  7454 
EQS News ID:   774771 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=774771&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

February 12, 2019 02:02 ET (07:02 GMT)

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