Genel Energy PLC: Update on Tawke PSC (705111)

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 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
17-Jul-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
17 July 2018 
 
           Genel Energy plc 
 
           Update on Tawke PSC 
 
 Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC 
  (Genel 25% working interest), has today announced a two-thirds increase in 
   production from the Peshkabir field in the Tawke licence in the Kurdistan 
  Region of Iraq to 25,000 bopd following completion of the Peshkabir-4 well 
                      testing program. 
 
   The well has been placed on production at a rate of 10,000 bopd through a 
              72/64" choke with 790 psi wellhead pressure through temporary, 
  capacity-constrained test facilities and the oil trucked to Fishkhabur for 
                      export. 
 
The Peshkabir-4 well was designed as a high angle well to assess the central 
      part of the structure four kilometres west of the Peshkabir-3 well and 
        drilled to a measured depth of 3,525 meters, including a 1,150 meter 
extended reach reservoir section. A total of 11 zones were tested and flowed 
                      between 1,500 bopd and 7,000 bopd per zone. 
 
 The next well in the 2018 field development campaign, Peshkabir-5, has been 
drilled seven kilometres west of Peshkabir-3 and has successfully proved the 
         westward extension of the field. Completed in June, it is currently 
 undergoing final testing; a total of four zones have been tested so far and 
flowed between 4,000 bopd and 7,500 bopd per zone. This well will be brought 
  onstream in August and the operator, DNO, expects to reach and surpass its 
previously announced summer 2018 Peshkabir production target of 30,000 bopd. 
 
   Two other wells, Peshkabir-6 and Peshkabir-7, are drilling ahead at 3,900 
   meters and 3,100 meters, respectively. Peshkabir-6, a near vertical well, 
        will explore the field's deeper Triassic formation and establish the 
    Cretaceous oil/water contact level. Peshkabir-7 is a high angle producer 
                      well located between Peshkabir-4 and Peshkabir-5. 
 
 The Peshkabir field was brought on production in 2017 and two drilled wells 
last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined 
                      rate of around 15,000 bopd. 
 
 The Tawke licence contains the Tawke and Peshkabir fields. Together, output 
                 from the two fields has averaged 106,000 bopd year-to-date. 
 
                       Murat Özgül, Chief Executive of Genel, said: 
 
"Peshkabir continues to exceed our expectations. As the field is part of the 
      Tawke PSC, these are high-value barrels to Genel that benefit from the 
 Receivable Settlement Agreement and will further bolster our free cash flow 
                    generation, which is currently over $10 million a month. 
 
 With five of the six 2018 wells at Peshkabir yet to be completed, and wells 
set to be drilled on both the Tawke and Taq Taq fields in the second half of 
                      the year, we have significant opportunities ahead." 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
Patrick d'Ancona 
 
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, 
    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. Through its Miran and Bina Bawi fields, the 
     Company is positioned to be a cornerstone provider of KRI gas to Turkey 
    under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue 
      further growth opportunities. For further information, please refer to 
                      www.genelenergy.com [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCH 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  5753 
EQS News ID:   705111 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=705111&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

July 17, 2018 02:03 ET (06:03 GMT)