REG-Genel Energy PLC Genel Energy PLC: Update on year-end 2023 oil reserves

Genel EnergyAnnouncement

14/03/2024 07:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on year-end 2023 oil reserves

   14-March-2024 / 07:00 GMT/BST

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   14 March 2024

    

                                Genel Energy plc

                                        

                      Update on year-end 2023 oil reserves

                                        

   Genel Energy  plc  ('Genel') today  updates  on oil  reserves  across  its
   portfolio.

    

   Working interest oil reserves (MMbbls) 1P    2P    3P
   31 December 2022                       68.9  92.2  125.6
   Production                             (4.5) (4.5)   (4.5)
   Revision of previous estimates         (1.0)  4.0    (1.8)
   Acquisitions and disposals               -   (2.7)   (8.4)
   31 December 2023                       63.4  88.9  110.9

    

   International petroleum consultants DeGolyer  and MacNaughton, working  on
   behalf of the operator DNO, assess  that Tawke licence (Genel 25%  working
   interest) gross year-end 2023 2P reserves stood at 326 MMbbls, compared to
   327 MMbbls at year-end 2022, after  adjusting for production of 17  MMbbls
   and an upward technical revision of  16 MMbbls. Genel continues to  retain
   11.7 MMbbls  of  these  2P  Resources, associated  with  the  Tawke  field
   Enhanced Oil Recovery project, as 2C.

    

   At Taq Taq (44% working interest, joint operator), gross 2P reserves stood
   at 23.4  MMbbls at  year-end  2023 (23.9  MMbbls at  end-2022),  following
   production of 0.5 MMbbls.

    

   Genel previously  booked 2.8  MMbbls  of net  2P  reserves at  Sarta  (30%
   working interest, operator). The Sarta PSC terminated on 1 December 2023.

    

   Working interest oil reserves (MMbbls) Tawke Taq Taq
   31 December 2022                       78.9  10.5
   Production                             (4.3) (0.2)
   Technical revisions                     4.0     -
   31 December 2023                       78.6  10.3

    

                                     -ends-

                                        

   For further information, please contact:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Consulting
                                         +44 20 7390 0230
   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). 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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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  309537
   EQS News ID:   1858265


    
   End of Announcement EQS News Service

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