Genel Energy PLC: Update on Sarta PSC (868791)

 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Sarta PSC 
 
05-Sep-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. 
 
                      5 September 2019 
 
           Genel Energy plc 
 
           Update on Sarta PSC 
 
 Genel Energy plc ('Genel' or 'the Company') can confirm that Chevron Sarta, 
   as operator of the Sarta field (Genel 30% working interest), has signed a 
     contract with OILSERV for the construction, installation, operation and 
           maintenance of a 20,000 bopd central processing facility ('CPF'). 
 
 OILSERV has been contracted for the facility through a lease agreement. The 
   commissioning of the CPF and production start-up remains on track for the 
                      middle of 2020. 
 
  Phase 1A of the development represents a low-cost pilot development of the 
 Mus-Adaiyah reservoirs, designed to recover 2P gross reserves of 34 MMbbls. 
     Crude will be processed through the CPF and then transferred to a local 
                      facility for further distribution. 
 
       Subsequent expansion investment decisions will be based on production 
         behaviour plus a subsequent two to three well appraisal/development 
        campaign. Unrisked gross mid-case resources relating to the Jurassic 
 Mus-Adaiyah reservoir alone are estimated by Genel at c.150 MMbbls, similar 
                      in size to the Peshkabir field. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
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]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  19033 
EQS News ID:   868791 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=868791&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

September 05, 2019 02:00 ET (06:00 GMT)