Genel Energy PLC: Update on Tawke PSC (731441)

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 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
09-Oct-2018 / 06:55 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
9 October 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 issued an update on licence 
                      activity: 
 
Production at the Peshkabir field in the Kurdistan Region of Iraq has ramped 
  up to 50,000 bopd, meeting the end-2018 target ahead of schedule and below 
                      budget. 
 
  One of two recently completed wells, Peshkabir-7, is producing over 10,000 
       bopd from nine Cretaceous zones through temporary test facilities and 
exported. The other, Peshkabir-6, drilled as a production well, but with the 
     additional objective of appraising deeper formations, has established a 
deeper Cretaceous oil/water contact level than previously estimated. Further 
 testing is underway, including test production of multiple producing zones. 
 
       The Peshkabir-8 well, spud in late August, is drilling ahead at 2,325 
  meters. Once completed, the rig will move to spud Peshkabir-9 in November. 
 
    Four other wells at Peshkabir now produce at a combined rate of close to 
    40,000 bopd following a workover at Peshkabir-3 which boosted production 
                      from that well to 11,000 bopd from 8,000 bopd. 
 
   Peshkabir production is processed through temporary test facilities until 
 commissioning of a central processing facility by end-2018, which will have 
   a capacity of up to 50,000 bopd. The Company is also installing a 10-inch 
 pipeline from Peshkabir to Fishkhabur with a capacity of 60,000 bopd. Field 
     production is currently transported to Fishkhabur by tanker truck and a 
                      6-inch pipeline. 
 
  At the Tawke field, the Tawke-50 shallow Jeribe well drilled to a depth of 
  320 meters will be brought on production within several days. The Tawke-49 
     Cretaceous well is drilling ahead at 2,245 meters and will be completed 
later this month. Two additional Tawke wells, one each in the Jeribe and the 
      Cretaceous, will be drilled by the end of the year. Workovers are also 
underway at two wells. Tawke production currently stands at just over 80,000 
                      bopd. 
 
           -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. Through its Bina Bawi and Miran 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.:  6154 
EQS News ID:   731441 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=731441&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

October 09, 2018 01:56 ET (05:56 GMT)