REG-Genel Energy PLC Genel Energy PLC: Update on Kurdistan production

Genel EnergyAnnouncement

29/03/2023 07:45

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Kurdistan production

   29-March-2023 / 07:42 GMT/BST

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   29 March 2023

                                        

                                Genel Energy plc

                                        

                         Update on Kurdistan production

    

   Genel Energy plc ('Genel' or ‘the Company’) notes that DNO, as operator of
   the Tawke PSC (Genel 25% working interest), has today issued an update  on
   licence activity.

    

   DNO has started an orderly shutdown of the Tawke and Peshkabir oil  fields
   in the Kurdistan  Region of  Iraq, four days  after it  was instructed  to
   temporarily cease deliveries to  the Iraq-Turkey Pipeline. Oil  production
   had previously diverted to storage tanks.

    

   The Tawke and  Peshkabir fields  averaged combined  production of  107,000
   barrels of oil  per day  in 2022,  representing a  quarter of  Kurdistan’s
   total exports. Peshkabir production was halted last night and plans  drawn
   up to conduct deferred maintenance. Tawke production shutdown has  started
   but will take an  additional day or  so given the  much larger numbers  of
   wells spread across some 10 kilometers.

    

   Production from Taq Taq (44%  working interest, joint operator)  continues
   to flow into storage, with  capacity for approximately three weeks,  while
   there remains storage capacity at  Sarta (30% working interest,  operator)
   for several days.

    

                                     -ends-

    

   For further 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  1 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.:  233245
   EQS News ID:   1594997


    
   End of Announcement EQS News Service

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