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

Genel EnergyAnnouncement

17/08/2023 07:15

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

   17-Aug-2023 / 07:00 GMT/BST

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   17 August 2023

                                        

                                Genel Energy plc

                                        

                              Update on Tawke PSC

    

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

    

   Following a four-month shut-in triggered by the closure of the Iraq-Turkey
   Pipeline export route, DNO has partially restarted operations at the Tawke
   field and is currently selling its entitlement share of oil production  to
   local trading companies.

    

   DNO restarted partial oil production from the Tawke field to conduct  well
   integrity and reservoir tests but has continued to produce to meet  strong
   demand for Tawke oil.

    

   Tawke output is currently averaging around 40,000 bopd, of which  one-half
   is delivered to the Kurdistan  Regional Government as its entitlement  and
   the balance is sold to local trading companies.

    

   Prices vary by contract  and average just over  50 percent of  pre-closure
   levels but payments now are made in advance and directly to the operator.

    

   Oil is transported by buyers from the DNO terminal with road tankers.

    

   The Peshkabir field, also within the Tawke licence, remains shut-in.

    

                                     -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:  UPD
   TIDM:           GENL
   LEI Code:       549300IVCJDWC3LR8F94
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   265112
   EQS News ID:    1705293


    
   End of Announcement EQS News Service

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