REG-Genel Energy PLC Genel Energy PLC: Morocco Petroleum Agreement signed

Genel EnergyAnnouncement

01/03/2023 07:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Morocco Petroleum Agreement signed

   01-March-2023 / 07:00 GMT/BST

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   1 March 2023

    

                                Genel Energy plc

                                        

                       Morocco Petroleum Agreement signed

                                        

   Genel Energy plc  ('Genel' or  'the Company') announces  that a  Petroleum
   Agreement and Association  Contract has  now been signed  with the  Office
   National des Hydrocarbures  et des Mines  (‘ONHYM’) regarding the  Lagzira
   block (75% working interest and operator).

    

   The Agreement  is  for  a  full  eight-year  exploration  term  (in  three
   exploration periods), with attractive fiscal terms.

    

   The Lagzira block (formerly Sidi Moussa)  is a large offshore licence,  in
   water depths of 200-1,200 metres, with a proven petroleum system following
   Genel’s 2014  SM-1  well, which  recovered  oil from  the  Upper  Jurassic
   reservoirs.

    

   New multi-azimuth broadband 3D seismic acquired in 2018 by Genel  resulted
   in a  significant  uplift  and  improvement  in  subsurface  imaging,  and
   prospects have been  high-graded, with  follow on potential  in the  wider
   area. The  data  has  highlighted  new  plays  and  provided  an  enhanced
   understanding of the SM-1 well result.

    

   In total, 18 prospects and leads have been identified, with over 2.5  Bboe
   mean recoverable prospective resource  potential and individual  prospects
   estimated at 100-700 MMbbls each.

    

   Genel has launched a process to find  a partner to take a material  equity
   position and jointly pursue the  exploration programme in the block,  with
   the opportunity to drill and test one of the high-graded prospects.

    

   Genel is hosting a webinar on the  Lagzira opportunity on 2 March 2023  at
   1400 GMT. To register, click  1 here.

    

                                     -ends-

    

   For information on the farm-out process, please contact:

    

   PVE Consulting
                  +44 7971 073 198
   Peter Elliott
                   

   For other 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). The  Company is  one of  the largest  London-listed
   independent hydrocarbon producers, with an asset portfolio that  positions
   us well for a future of fewer and better natural resources projects. Genel
   has low-cost and low-carbon production from the Kurdistan Region of  Iraq,
   and a committed dividend programme that is material and sustainable. Genel
   continues to seek opportunities to  add new resilient and  cash-generative
   assets to its portfolio, with the goal of progressing its dividend in  the
   long-term. For further information, please refer to  2 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.:  226473
   EQS News ID:   1571159


    
   End of Announcement EQS News Service

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