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

Genel EnergyAnnouncement

09/11/2023 07:00

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

  09-Nov-2023 / 07:00 GMT/BST

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  9 November 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  closure  of  the  Iraq-Türkiye  Pipeline  in  March,  the  Operator
  gradually reopened the Tawke and Peshkabir fields and stepped up deliveries to
  local trading companies in the Kurdistan Region of Iraq.

   

  The Tawke field was reopened on 18  July, and gross production from the  Tawke
  licence in Q3 2023 totalled 25,984 bopd. Production continues to increase;  so
  far in the fourth quarter  output is averaging double  the level of the  third
  quarter, with the Peshkabir field having restarted production on 16 October.

   

  The DNO-Genel contractual  entitlement, currently around  one-half of  volumes
  produced, is sold at prices that vary narrowly in the mid $30s per barrel, and
  payments are made in advance before any oil is delivered. These payments  more
  than covered operational spend in Q3.

   

  Genel will issue  its trading and  operations update in  respect of the  third
  quarter of  2023  next Tuesday,  14  November 2023.  Genel  will host  a  live
  presentation on the Investor Meet Company (‘IMC’) platform on the day at  1000
  GMT. The  presentation is  open to  all existing  and potential  shareholders.
  Questions can  be  submitted in  advance  and investors  can sign  up  to  IMC
  via:  1 https://www.investormeetcompany.com/genel-energy-plc/register-investor

   

                                      -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), 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  continues to seek opportunities to add  new
  resilient  and   cash-generative  assets   to  its   portfolio.  For   further
  information, please refer to  2 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: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  283645
   EQS News ID:   1768983


    
   End of Announcement EQS News Service

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