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

Genel EnergyAnnouncement

13/12/2022 07:15

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

   13-Dec-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   13 December 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-6 appraisal well  has been completed. The well was  a
   six kilometre step out from, and was c.300 metres downdip from, the  Phase
   1A pilot production area.

    

   12 intervals were completed for individual, isolated, zonal testing of the
   Lower Jurassic primary  objectives (Mus, Adaiyah,  and Butmah) and  Middle
   Jurassic secondary objectives (Garagau,  Najmah and Sargelu). The  primary
   Lower Jurassic objectives all flowed formation water only while the Middle
   Jurassic intervals flowed heavy oil (9-11 API from field measurements)  at
   rates ranging  from  500 to  900  bopd,  and 1,800  bopd  when  commingled
   (surface equipment constrained rate).

    

   The potential for longer term development and monetisation of these  heavy
   oil resources will  be assessed  as part of  the joint  venture’s view  of
   future Sarta field development.

    

   Further capital investment on the licence  is contingent on the extent  to
   which there can be confidence that such investment can add cash generative
   production. Following the results of  the two appraisal wells and  ongoing
   pilot production, with  field production  averaging 4,000 bopd  for Q4  to
   date, it is clear that initial field expectations are unlikely to be  met,
   and hence Genel will be required to undertake an impairment review of  the
   carrying value of the asset.

    

                                     -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.:  208028
   EQS News ID:   1511157


    
   End of Announcement EQS News Service

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