REG-Genel Energy PLC Genel Energy PLC: Update on Sarta PSC

Genel EnergyAnnouncement

05/09/2019 07:00

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Sarta PSC

   05-Sep-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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   5 September 2019

    

                                Genel Energy plc

                                        

                              Update on Sarta PSC

    

   Genel Energy  plc ('Genel'  or  'the Company')  can confirm  that  Chevron
   Sarta, as operator of  the Sarta field (Genel  30% working interest),  has
   signed  a  contract  with  OILSERV  for  the  construction,  installation,
   operation and maintenance  of a  20,000 bopd  central processing  facility
   ('CPF').

    

   OILSERV has been contracted  for the facility  through a lease  agreement.
   The commissioning of the CPF and production start-up remains on track  for
   the middle of 2020.

    

   Phase 1A of the development represents a low-cost pilot development of the
   Mus-Adaiyah reservoirs,  designed  to  recover 2P  gross  reserves  of  34
   MMbbls. Crude will be processed through the CPF and then transferred to  a
   local facility for further distribution.

    

   Subsequent expansion  investment decisions  will  be based  on  production
   behaviour plus  a  subsequent  two  to  three  well  appraisal/development
   campaign. Unrisked  gross  mid-case  resources relating  to  the  Jurassic
   Mus-Adaiyah reservoir  alone  are  estimated by  Genel  at  c.150  MMbbls,
   similar in size to the Peshkabir field.

    

                                     -ends-

    

   For further information, please contact:

    

   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  1 www.genelenergy.com.

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   ISIN:          JE00B55Q3P39
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  19033
   EQS News ID:   868791


    
   End of Announcement EQS News Service

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