REG-Genel Energy PLC Genel Energy PLC: Somaliland farm-out process

Genel EnergyAnnouncement

11/11/2019 07:05

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Somaliland farm-out process

   11-Nov-2019 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   11 November 2019

    

                                Genel Energy plc

                                        

                          Somaliland farm-out process

    

   Genel Energy plc ('Genel' or 'the Company') is pleased to announce that it
   has increased its stake in the SL10B13 block, onshore Somaliland, to 100%,
   having acquired East Africa Resource Group's 25% stake.

    

   As previously announced, a farm-out process  relating to the block is  now
   underway, with Stellar Energy Advisors appointed to run the process.

    

   Interpretation of the 2018  2D seismic data  together with basin  analysis
   has identified multiple stacked prospects, with each of them estimated  to
   have resources of  c.200 MMbbls.  A further  program of  surface oil  seep
   sampling and  analysis  reiterates the  presence  of a  working  petroleum
   system on the block.

    

   A presentation  on the  Somaliland  opportunity, given  last week  at  the
   Africa Oil Week  conference in Cape  Town, is now  available on the  Genel
   website                                                                  -
    1 www.genelenergy.com/investor-relations/results-reports-presentations/.

                                        

                                     -ends-

    

   For further information, please contact:

    

   Steller Energy Advisors

   Dave Fassom
                                         +44 20 7493 1977
   Tom Perkins

    
   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Communications
                                         +44 20 7390 0230
   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  2 www.genelenergy.com.

    

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   ISIN:          JE00B55Q3P39
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  28216
   EQS News ID:   908957


    
   End of Announcement EQS News Service

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