REG-Genel Energy PLC Genel Energy PLC: Update on Qara Dagh PSC

Genel EnergyAnnouncement

04/01/2022 07:05

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Qara Dagh PSC

   04-Jan-2022 / 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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   4 January 2022

    

                                Genel Energy plc

                                        

                            Update on Qara Dagh PSC

                                        

   Genel Energy  plc  ('Genel'  or 'the  Company')  announces  that  drilling
   operations on  the  QD-2 well  at  Qara  Dagh (40%  working  interest  and
   operator) have been suspended.

    

   As previously  stated,  the well  had  been side-tracked  in  response  to
   encountering  more  complex  geology  above  the  target  reservoir   than
   expected. Two further  side-tracks have  been initiated,  but the  licence
   partners have  now  concluded  that  it is  impractical  to  continue  the
   drilling operations from this wellbore in an attempt to reach the  primary
   objective because of insurmountable  technical problems. The decision  has
   therefore been taken  to suspend  QD-2, with the  minimum work  obligation
   satisfied.

    

   Licence partners Genel and Chevron  will conduct a thorough evaluation  of
   the QD-2 well and its results in 2022 to inform next steps on the licence.

    

   Bill Higgs, Chief Executive of Genel, said:

   "This has been a very challenging  operation, and the decision to  suspend
   drilling at this stage is prudent. It is of course not the outcome that we
   wanted,  but  the  geological  case  for  Qara  Dagh  remains  intact  and
   attractive. We will work with Chevron to ascertain the best way forward on
   the licence. In the meantime we  will continue working with the  community
   on our social initiatives, as we retain our commitment to the region."

    

                                     -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 Sarta, Taq Taq, and  Tawke
   licences in the Kurdistan Region  of Iraq, providing financial  resilience
   that allows  investment  in growth  and  the  payment of  a  material  and
   sustainable dividend, even  at a low  oil price. Genel  also continues  to
   pursue further growth opportunities. For further information, please refer
   to  1 www.genelenergy.com

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   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  134218
   EQS News ID:   1264409


    
   End of Announcement EQS News Service

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References

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