Genel Energy PLC: Update on Tawke PSC (808431)

Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
08-May-2019 / 07:02 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
8 May 2019 
 
           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: 
 
 Gross production from the Tawke licence, containing the Tawke and Peshkabir 
             fields, averaged 126,759 bopd during the first quarter of 2019. 
 
   Tawke production currently averages c.73,000 bopd, and Peshkabir c.54,000 
   bopd. There is an active 2019 drilling campaign underway at the Tawke and 
   Peshkabir fields, with a total of up to four Peshkabir wells and up to 14 
                      Tawke wells. 
 
The Peshkabir-9 well was completed and placed on production during the first 
  quarter. The Peshkabir-10 well was spud in February and will come onstream 
        shortly. The Peshkabir-11 well will spud later this month. Peshkabir 
                   production averaged 53,830 bopd during the first quarter. 
 
  Peshkabir has now generated $1 billion in gross revenue, or four times the 
                      total spend to date. 
 
At the Tawke field, the Tawke-52 Cretaceous well was completed and placed on 
     production during the quarter. The Tawke-54 Cretaceous well was spud in 
   February and came onstream in mid-April, and the Tawke-55 Cretaceous well 
 spud in April. Tawke field production averaged 72,929 bopd during the first 
                      quarter. 
 
           -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.:  8542 
EQS News ID:   808431 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=808431&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

May 09, 2019 17:09 ET (21:09 GMT)