REG-Genel Energy PLC Genel Energy PLC: Entry into Exploration and Production Sharing Agreement in Oman

Genel EnergyAnnouncement

10/03/2025 14:00

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Entry into Exploration and Production Sharing Agreement
   in Oman

   10-March-2025 / 13:46 GMT/BST

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   10th March 2025

    

                                Genel Energy plc

                                        

        Entry into Exploration and Production Sharing Agreement in Oman

                                        

   Genel Energy plc  (“Genel” or “the  Company”) is pleased  to announce  the
   signing of agreements that will see Genel enter into Block 54  Exploration
   and Production  Sharing Agreement  in  the Sultanate  of  Oman for  a  40%
   participating interest,  in partnering  with OQ  Exploration &  Production
   SAOG (“OQEP”), who will hold a 60% participating interest and operatorship
   of the licence.

    

   Block 54 (the “Karawan Concession”) is located onshore Oman on the eastern
   side of  South  Oman  Salt  Basin and  immediately  adjacent  to  existing
   production. The  block covers  an area  of 5,632km2  within the  Al  Wusta
   Governorate  approximately  600  km  south   of  Muscat  and  is   largely
   underexplored.

    

   Over the next three years , Genel and OQEP expect to invest  approximately
   $25 million gross in direct costs over the Initial Phase (3 years) of  the
   EPSA, to  undertake  the minimum  work  obligation that  involves  testing
   accessible existing wells, drilling and 3D seismic acquisition. Genel will
   provide a partial carry  of OQEP’s 60%  participating interest during  the
   Initial Phase. 

    

   OQEP is Oman’s third largest producer and is publicly listed on the Muscat
   Stock Exchange,  having recently  completed  a successful  Initial  Public
   Offering, and  is  a  subsidiary  of  OQ  SAOC,  the  state  owned  global
   integrated energy group.

    

   Paul Weir, Chief Executive of Genel, said:

   “We identified  Oman  some  time  ago  as  a  preferred  jurisdiction  for
   geographical diversification, given its stable regulatory environment  and
   the significant steps it has taken in recent years to set its oil and  gas
   sector up for an  exciting future. It is  therefore the ideal country  for
   Genel to begin  its strategic  diversification, expand  its portfolio  and
   invest capital.  We are  delighted  to be  partnering  with OQEP  and  the
   Ministry of Energy and Minerals of the Sultanate of Oman on this  exciting
   opportunity and look forward to working together to unlock and expand this
   contingent resource.  We see this entry as an important first step towards
   achieving  our   strategic  goal   of  diversification,   establishing   a
   significant and profitable footprint in  Oman, and  diversifying our  cash
   generation.”

    

    

    

                                     ends-

                                        

   For further information, please contact:

    

   Genel Energy Luke Clements CFO    +44 20 7659 5100
   Vigo Consulting Patrick d’Ancona  +44 20 7390 0230

    

    

   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).  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:  UPD
   TIDM:           GENL
   LEI Code:       549300IVCJDWC3LR8F94
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
                   2.1. Home Member State
   Sequence No.:   378543
   EQS News ID:    2098166


    
   End of Announcement EQS News Service

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