Genel Energy PLC: Update on Tawke PSC (1799501)

Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
19-Dec-2023 / 07:00 GMT/BST 
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19 December 2023 
 
Genel Energy plc 
 
Update on Tawke PSC 
 
Genel Energy plc ('Genel' or 'the Company') 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 in the Kurdistan Region of Iraq continues to climb, with the December to date 
average approaching 90,000 bopd. That lifts the projected fourth quarter 2023 gross production figure to 65,000 bopd, 
up from 26,000 bopd in the third quarter and zero production in the second quarter, following closure of the 
Iraq-Türkiye Pipeline in March 2023. 
 
Genel's entitlement share of Tawke licence production in Q4 is 13%, which is sold to local buyers at prices in the low 
to mid-USD 30s per barrel. All such sales are conditional on advance payment in US dollars. 
 
In addition to stepping up local sales, costs have materially reduced since the pipeline closure, with operational 
spend in the Tawke licence averaging 65% below the pre-export shutdown level. 
 
Genel received USD8.2 million for local sales in October (including final sales from storage from Sarta) and USD6.6 million 
in November, and is set to receive over USD10 million in December 2023. Genel's share of Tawke licence expenditure is 
around USD4 million per month. 
 
-ends- 
 
For further information, please contact: 
 
Genel Energy 
                                       [phone] 
Andrew Benbow, Head of Communications 
 
Vigo Consulting 
                                       [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), 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 Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com

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ISIN:          JE00B55Q3P39, NO0010894330 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  292699 
EQS News ID:   1799501 
 
End of Announcement  EQS News Service 
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December 19, 2023 02:00 ET (07:00 GMT)