Genel Energy PLC: Update on Tawke PSC (740313)

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 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
01-Nov-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
1 November 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: 
 
  Going into the fourth quarter, Peshkabir field production has ramped up to 
   over 50,000 bopd from six wells less than 18 months after commencement of 
 operations, beating its end-2018 target ahead of schedule and below budget. 
          Six wells are currently producing from Peshkabir, and the seventh, 
Peshkabir-8, will shortly commence test production. Peshkabir-9 will spud in 
                      mid-November. 
 
   At the Tawke field, two shallow Jeribe wells, Tawke-50 and Tawke-51, were 
   brought onstream during October. The Tawke-49 well, drilled to the deeper 
         Cretaceous, will follow later this month. The well has been drilled 
        utilising underbalanced technology, the first on the licence, and is 
 producing from the target zone while drilling. The Tawke-52 Cretaceous well 
will spud by the end of November. Tawke is currently producing at an average 
                      rate of 80,000 bopd. 
 
 The operator expects to exit the year with Tawke PSC production of at least 
                      130,000 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: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  6397 
EQS News ID:   740313 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=740313&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

November 01, 2018 03:01 ET (07:01 GMT)