REG-Genel Energy PLC Genel Energy PLC: Trading and operations update

Genel EnergyAnnouncement

Today 07:02

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Trading and operations update

   12-Nov-2025 / 07:00 GMT/BST

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   12 November 2025

    

                                Genel Energy plc

                         Trading and operations update

                                        

   Genel Energy plc ('Genel' or  'the Company') issues the following  trading
   and operations  update in  respect of  the third  quarter and  first  nine
   months of 2025.

    

   Paul Weir, Chief Executive of Genel, said:

   “Since our half year  results in August, we  have been delighted with  the
   progress made on resuming maximum production from the Tawke and  Peshkabir
   fields, with  the two  fields currently  back to  producing around  80,000
   bopd. We  now look  forward to  working with  the operator  to deliver  an
   increased activity programme that can build on these production levels.

    

   Our core business continues to generate free cash flow despite  discounted
   domestic sales  prices of  just over  $30/bbl. We  are encouraged  by  the
   progress made on  the operational  resumption of  Kurdistan exports,  with
   reports of all  Kurdistan oil  production now flowing  through the  export
   pipeline and being sold at Ceyhan. We hope that the implementation of  the
   export payment process is effective  and sees international oil  companies
   paid their full entitlement revenue  at international prices, which  could
   enable the  Company to  participate and  significantly increase  its  core
   business cash  generation. We  continue to  monitor progress  closely  and
   remain in regular contact with relevant stakeholders.

    

   In Oman, on Block 54, we have started work towards testing the  discovered
   resource. We  are excited  about the  potential of  the acreage  and  look
   forward to progressing activities there in the coming months.

    

   We retain a strong balance sheet. At  30 September 2025, our net cash  was
   $135 million with cash  of $226 million, prioritised  for the purchase  of
   new production assets.”

    

   PRODUCTION: KURDISTAN TAWKE PSC (25% interest)

     • Gross production levels are now back to around 80,000 bopd, consistent
       with the levels  achieved in  the first half  of the  year before  the
       interruption from drone strikes, whilst domestic sales prices averaged
       $31/bbl for  the quarter,  with  year to  date average  price  $33/bbl
       (FY2024: $35/bbl)
     • Working interest production up to 30 September of 16,920 bopd (FY2024:
       19,650 bopd)
     • Efficient and  effective  work  on  well  intervention  and  workovers
       continues to yield good results, with plans to recommence drilling  of
       production wells well underway
     • We expect to receive an  insurance payment by the  end of the year  of
       around $3 million for lost production arising from the drone strike

    

   PRE-PRODUCTION

     • OMAN BLOCK 54 (40% interest)

          ◦ Phase 1 of the 3-year work plan includes testing of the Batha
            West-1 (BW-1) discovery well, conducting 300km2 of 3D seismic and
            drilling two vertical exploration wells
          ◦ Initial operations will involve the workover of the existing
            borehole to confirm suitability for testing followed by testing
            of multiple pay zones to confirm reservoir deliverability
          ◦ Preparations are underway, with the workover anticipated to be
            completed around the end of the year and testing results to
            follow around the end of Q1 2026
          ◦ BW-1 well test will inform the location for 3D seismic and
            subsequent wells

    

     • SOMALILAND SL10B13 (51% interest)

          ◦ We continue to work towards achieving conditions that support
            drilling of the highly prospective Toosan-1 exploration well

    

    

   OUTLOOK

     • We reiterate our guidance of net cash around the same level at the end
       of the year as the start
     • The Company  continues to  work  towards building  a business  with  a
       strong balance sheet that delivers resilient, reliable, repeatable and
       diversified cash flows that support a dividend programme
     • Our near-term objectives are:

          ◦ the restart of exports from the Tawke and Peshkabir fields
          ◦ maximisation of production and reserves from the Tawke and
            Peshkabir fields
          ◦ appraisal on Oman Block 54
          ◦ an agreed plan with KRG for recovery of overdue receivables
          ◦ the acquisition of new production assets

    

   AGM UPDATE

     • Following the  Annual  General  Meeting  on 8  May  2025  the  Company
       announced that resolutions 2, 3, 4, 5, 6, 7, 8, 10,11 and 12 had  over
       20% of votes cast against them and is required to provide an update on
       actions taken. The Company  has reached out  to major shareholders  to
       understand their views  and as a  result of this  process no  specific
       actions have been identified

    

                                        

                                     -ends-

                                        

   For further information, please contact:

    

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

    

   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
    1 www.genelenergy.com

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by  2 EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: QRT
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  407894
   EQS News ID:   2228032


    
   End of Announcement EQS News Service

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