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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Genel Energy Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 0.47% | 85.40 | 85.10 | 85.80 | 86.10 | 84.60 | 85.80 | 266,275 | 16:35:28 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil And Gas Field Expl Svcs | 84.8M | -5.6M | -0.0200 | -42.90 | 239.73M |
Genel Energy PLC (GENL) Genel Energy PLC: Update on Sarta PSC 13-Dec-2022 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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13 December 2022
Genel Energy plc
Update on Sarta PSC
Genel Energy plc ('Genel' or 'the Company') announces the following update on the Sarta PSC (30% working interest and operator).
Testing of the Sarta-6 appraisal well has been completed. The well was a six kilometre step out from, and was c.300 metres downdip from, the Phase 1A pilot production area.
12 intervals were completed for individual, isolated, zonal testing of the Lower Jurassic primary objectives (Mus, Adaiyah, and Butmah) and Middle Jurassic secondary objectives (Garagau, Najmah and Sargelu). The primary Lower Jurassic objectives all flowed formation water only while the Middle Jurassic intervals flowed heavy oil (9-11 API from field measurements) at rates ranging from 500 to 900 bopd, and 1,800 bopd when commingled (surface equipment constrained rate).
The potential for longer term development and monetisation of these heavy oil resources will be assessed as part of the joint venture's view of future Sarta field development.
Further capital investment on the licence is contingent on the extent to which there can be confidence that such investment can add cash generative production. Following the results of the two appraisal wells and ongoing pilot production, with field production averaging 4,000 bopd for Q4 to date, it is clear that initial field expectations are unlikely to be met, and hence Genel will be required to undertake an impairment review of the carrying value of the asset.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100 Andrew Benbow, Head of Communications Vigo Consulting +44 20 7390 0230 Patrick d'Ancona
This announcement includes inside information.
Notes to editors:
Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Sarta, Taq Taq, and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and progressive dividend. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com
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ISIN: JE00B55Q3P39, NO0010894330 Category Code: MSCM TIDM: GENL LEI Code: 549300IVCJDWC3LR8F94 Sequence No.: 208028 EQS News ID: 1511157 End of Announcement EQS News Service =------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1511157&application_name=news
(END) Dow Jones Newswires
December 13, 2022 02:00 ET (07:00 GMT)
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