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

Genel EnergyAnnouncement

19/12/2023 07:00

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

   19-Dec-2023 / 07:00 GMT/BST

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   19 December 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.

    

   Gross production from the  Tawke licence in the  Kurdistan Region of  Iraq
   continues to climb, with the  December to date average approaching  90,000
   bopd. That lifts the projected fourth quarter 2023 gross production figure
   to 65,000  bopd,  up  from 26,000  bopd  in  the third  quarter  and  zero
   production in the  second quarter, following  closure of the  Iraq-Türkiye
   Pipeline in March 2023.

    

   Genel’s entitlement share of Tawke licence production in Q4 is 13%,  which
   is sold to local buyers  at prices in the low  to mid-USD 30s per  barrel.
   All such sales are conditional on advance payment in US dollars.

    

   In addition  to stepping  up local  sales, costs  have materially  reduced
   since the pipeline closure,  with operational spend  in the Tawke  licence
   averaging 65% below the pre-export shutdown level.

    

   Genel received $8.2 million  for local sales  in October (including  final
   sales from storage from Sarta) and $6.6 million in November, and is set to
   receive over $10 million in December 2023. Genel’s share of Tawke  licence
   expenditure is around $4 million per month.

    

                                     -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
    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: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  292699
   EQS News ID:   1799501


    
   End of Announcement EQS News Service

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