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

Genel EnergyAnnouncement

11/08/2022 07:15

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

   11-Aug-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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   11 August 2022

    

                                Genel Energy plc

                                        

                              Update on Tawke PSC

                                        

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

    

   Gross production at  the Tawke  licence averaged 106,900  bopd during  the
   second quarter,  of  which Peshkabir  contributed  62,300 bopd  and  Tawke
   44,600 bopd,  the  latter  representing  the  first  quarterly  production
   increase since  2015  at this  legacy  field  as new  wells  are  drilled,
   workovers conducted on existing ones and gas injection continued.

    

   In the second quarter, four new production wells were brought onstream  on
   the Tawke licence with three at Tawke and one at Peshkabir. Together  with
   wells drilled  in  the  first  quarter, natural  field  decline  has  been
   arrested  and  reversed,  including  at  Tawke,  raising  DNO’s  full-year
   projection to 107,000-109,000 bopd (previously 105,000 bopd).

    

   Genel’s production  guidance for  2022 is  unchanged, with  net  portfolio
   production currently  expected  to  be  between  30-31,000  bopd  for  the
   full-year.

    

                                     -ends-

    

   For further information, please contact:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Communications
                                         +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
   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.:  180593
   EQS News ID:   1418069


    
   End of Announcement EQS News Service

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