Genel Energy PLC: Update on Tawke PSC (1105653)

 
 Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
30-Jul-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      30 July 2020 
 
           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 averaged 102,000 bopd during the 
second quarter of 2020, of which the Tawke field contributed 58,100 bopd and 
 the Peshkabir field 43,900 bopd. Taken together, this is a reduction of 11% 
      from the first quarter, as the operator halted development activity to 
       preserve cash at a time of historically low and uncertain oil prices. 
 
In June 2020, following the stabilisation of oil prices and export payments, 
 a Tawke licence well intervention campaign was fast-tracked, quickly adding 
        an incremental 15,000 bopd month-on-month to raise average July 2020 
                      production to 115,000 bopd. 
 
      The Peshkabir-to-Tawke gas reinjection project (the first enhanced oil 
 recovery project in Kurdistan) was commissioned in June, and aims to unlock 
additional oil reserves at Tawke while significantly reducing gas flaring at 
                      Peshkabir. 
 
           -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 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 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 sustainable dividend, even at a low 
 oil price. 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.:  78856 
EQS News ID:   1105653 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=1105653&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

July 30, 2020 02:00 ET (06:00 GMT)