REG-Genel Energy PLC Genel Energy PLC: Update on Sarta PSC

Genel EnergyAnnouncement

10/05/2022 07:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on Sarta PSC

   10-May-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
   EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   10 May 2022

    

                                Genel Energy plc

                                        

                              Update on Sarta PSC

                                        

   Genel Energy plc ('Genel' or 'the Company') announces the following update
   on the Sarta PSC (30% working interest and operator).

    

   Testing of the Sarta-5  appraisal well has been  completed. While oil  was
   recovered to surface  from a number  of intervals, notably  c.800 bbls  of
   light oil from the Najmah formation, stable and sustained commercial  flow
   of oil was not achieved from  the primary reservoir objectives of the  Mus
   and  Adaiyah  formations  nor  the  secondary  Lower  Sargalu  or   Najmah
   formations. None of the  intervals tested were  able to support  sustained
   flow of reservoir fluids, indicating that the reservoirs at this  location
   are tight.  This was  identified  as a  critical  pre-drill risk  of  this
   appraisal well.

    

   The presence  of  oil  associated  with both  the  primary  and  secondary
   Jurassic reservoir intervals, 12 km southeast of the Sarta pilot EPF, will
   now be subject  to further  investigation and integration  into the  joint
   venture’s understanding of the Sarta  field and future planning. The  well
   will now be suspended according to KRI regulations.

    

   The Sarta appraisal programme continues at Sarta-6, c.6 km to the west  of
   the pilot EPF, with test results expected in Q3.

    

                                     -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 

    

   This announcement includes inside information.

    

   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
   progressive dividend.  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.:  160507
   EQS News ID:   1347607


    
   End of Announcement EQS News Service

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References

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