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Posts: 18
Opinion: No Opinion
Posted: June 25, 2019
25 June 2019
Genel Energy plc
Commencement of share buy-back
Genel Energy plc ('Genel' or 'the Company') will commence a share buy-back programme of up to $10 million in the period up to and including 5 July 2019 (being the last day of trading prior to the Company entering a close period ahead of its half-year results).
The programme will be effected in accordance with the authority granted by the shareholders at the most recent AGM, pursuant to which the maximum number of ordinary shares that may be bought back is 27,924,235.
Genel believes that the current share price does not accurately reflect the value of the Company's assets, and that utilising its balance sheet to repurchase shares represents a value accretive use of its cash resources.
Genel has ongoing material cash generation from producing assets that more than funds our significant organic growth opportunities - with Sarta, Qara Dagh, Bina Bawi and Miran providing an attractive mix of near-term production and long-term growth potential. Organic growth from our existing portfolio has the potential to significantly increase production in coming years, and the ongoing cash generation led to the instigation of a material and sustainable dividend, as we look to provide investors with a compelling mix of growth and returns.
It is currently intended that the purchased shares will be held as treasury shares.
Following the share buy-back, Genel will retain more than sufficient liquidity to further add to the strength of the portfolio, and is actively pursuing opportunities to do so.
The Company has entered into an agreement with Canaccord Genuity Wealth Limited to conduct the programme.
Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the
Programme is to reduce the capital of the Company). The market will be notified in accordance with those rules if and when purchases are made.
-ends-
Posts: 18
Opinion: No Opinion
Posted: May 8, 2019
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.
Posts: 18
Opinion: No Opinion
Posted: April 30, 2019
Genel Energy plc ('Genel' or 'the Company') provides the following update on the Bina Bawi licence.
As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi gas lifting agreement ('GLA') was extended until 30 April 2019, as discussions with the Kurdistan Regional Government ('KRG') on the commercial framework relating to the development of the licence continued.
Having reached agreement that the existing GLA does not reflect the commercial realities of the proposed development, Genel and the KRG ('the Parties') have jointly agreed to let the GLA lapse on 30 April 2019 and focus on negotiating updated commercial terms based on a staged and integrated oil and gas development. The Parties are progressing the negotiation of a project scope based on a phased approach and ramp up of the gas development, with an initial phase of c.250 MMscfd raw gas capacity, and an accelerated development of the oil scope, where the KRG and Genel will jointly fund the first phase gas development utilising the revenue from Bina Bawi oil.
The Parties have agreed to focus on finalising the commercial arrangement for this solution as soon as practical. The current production sharing contract ('PSC') provides a further 12 month period from 30 April 2019 within which to agree a new GLA. Should no agreement be reached in twelve months, the KRG has a right to terminate the PSC.
In line with our capital allocation strategy, the Company will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation.
The deadline for the Miran conditions precedent will be reached on 31 May 2019 and the Company similarly expects that the Miran GLA will lapse.
Posts: 261
Opinion: No Opinion
Posted: December 19, 2017
RNS Number : 7092Z
Genel Energy PLC
19 December 2017
19 December 2017
Genel Energy plc
Receipt of payments for KRI oil exports from Tawke and Taq Taq PSCs
Genel Energy plc ('Genel' or 'the Company') announces the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during September 2017 from the Tawke and Taq Taq PSCs.
DNO ASA, as operator of the Tawke PSC, has announced the receipt of $54.32 million from the KRG as payment towards September 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $13.58 million.
The Taq Taq field partners have received a gross payment of $9.70 million from the KRG for oil sales during September 2017. Genel's net share of the payment is $5.33 million.
Genel has also received an override payment of $6.55 million from the KRG, representing 4.5% of Tawke gross field revenues for the month of October 2017, as per the terms of the Receivable Settlement Agreement.
Combined, Genel's December 2017 net receipts total $25.46 million.
Posts: 261
Opinion: No Opinion
Posted: December 11, 2017
RNS Number : 9273Y
Genel Energy PLC
11 December 2017
11 December 2017
Genel Energy plc
Update on Tawke PSC
Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC, has today issued an update on licence activity:
Production from the Peshkabir field in the Tawke licence in the Kurdistan Region of Iraq has tripled to 15,000 bopd following completion of the Peshkabir-3 well testing, stimulation and clean-up program.
A total of 11 zones in a 1.2 kilometre horizontal section of Cretaceous and Jurassic reservoir in the Peshkabir-3 well were individually tested and flowed successfully, of which ten were oil zones and one a gas zone. The oil zones tested an average of 5,340 bopd per zone on a 64/64" choke, with the highest individual test rate of 7,200 bopd. A multi-zone combined production test totalled 12,500 bopd on a 128/64" choke from five zones.
Production from the previously drilled Peshkabir-2 well, in operation since May, together with that of the new Peshkabir-3 well, is currently processed through temporary test package facilities and trucked to DNO's adjacent Tawke field facilities for export.
As previously announced, the Tawke licence partners are proceeding with fast track plans to commission an early production facility by year-end and complete installation of pipeline connections early in 2018 to allow ramp up of output at the Peshkabir field.
Preparations are underway to drill the Peshkabir-4 well, which will also be designed to test the underlying Triassic reservoir.
DNO operates and has a 75 percent interest in the Tawke license, with Genel holding the remainder. The licence contains the Tawke and Peshkabir fields whose combined year-to-date production has averaged c.110,000 bopd.
Posts: 261
Opinion: No Opinion
Posted: December 4, 2017
RNS Number : 2200Y
Genel Energy PLC
04 December 2017
4 December 2017
Genel Energy plc
Update on Taq Taq PSC
Genel Energy plc ('Genel' or 'the Company') is pleased to announce an update on activity at the Taq Taq field (Genel 44% working interest).
The TT-29w well, which was drilled to appraise the northern flank of the Taq Taq field, has been completed as a producer after successfully encountering oil bearing Cretaceous reservoirs.
The well, which was drilled to a measured depth of 3,100 metres, encountered good quality oil bearing Cretaceous Shiranish and Kometan reservoirs. Six zones were subsequently tested over a 20 day period, with test rates of up to 6,400 bpd (40/64 inch choke) of 48° API oil delivered from individual zones. Four of the five tests in the Shiranish produced dry oil, with one test tight. The Kometan reservoir test produced oil with a 40-50% water cut, confirming the oil water contact within the Kometan reservoir at this location in the field. TT-29w production has commenced from the Lower Shiranish reservoir at a rate of 3,200 bpd of dry oil on a restricted 24/64 inch choke, with the expectation that this rate will increase following an initial observation period.
The TT-29w well has proved a current oil water contact at this location on the northern flank of the field at a level at least 145 metres deeper than pre-drill estimates. Combined with the testing results, management is optimistic for the potential of the northern flank of the Taq Taq field. However, it is too early to estimate what impact the well result will have on reserves, long-term production rates or future investment activity in the northern flank and the field as a whole.
In addition to the positive result from TT-29w, the TT-30 Pilaspi well was also successfully drilled as a producer in November and is currently producing around c.650 bopd. A further Pilaspi development well (TT-31) is planned before the end of 2017.
Gross production from the Taq Taq field is currently 15,100 bopd. Gross field production averaged 13,700 bopd in November 2017 and has averaged 18,300 bopd in 2017 to date.
Posts: 261
Opinion: No Opinion
Posted: November 10, 2017
10 November 2017
Genel Energy plc
Receipt of payment for KRI oil exports from Tawke and Taq Taq PSCs
Genel Energy plc ('Genel' or 'the Company') is pleased to announce the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during August 2017 from the Tawke and Taq Taq PSCs. Genel's net share of the payments is $16.86 million.
Combined with the payment for the September override received earlier this week, this brings the total November 2017 net receipts to $23.27 million.
DNO ASA, as operator of the Tawke PSC, has announced the receipt of $46.53 million from the KRG as payment towards August 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of payment is $11.63 million.
The Taq Taq field partners have received a gross payment of $9.51 million from the KRG for oil sales during August 2017. Genel's net share of the payment is $5.23 million.