REG-Genel Energy PLC Genel Energy PLC: Update on year-end 2022 oil reserves

Genel EnergyAnnouncement

16/03/2023 07:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Update on year-end 2022 oil reserves

   16-March-2023 / 07:00 GMT/BST

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   16 March 2023

    

                                Genel Energy plc

                                        

                      Update on year-end 2022 oil reserves

                                        

   Genel Energy  plc  ('Genel') today  updates  on oil  reserves  across  its
   portfolio.

    

   Working interest oil reserves (MMbbls) 1P     2P     3P
   31 December 2021                       62.6   104.2  136.6
   Production                             (11.0) (11.0) (11.0)
   Technical revisions                    17.3   (1.0)  -
   31 December 2022                       68.9   92.2   125.6

    

   International petroleum consultants DeGolyer  and MacNaughton, working  on
   behalf of the operator DNO, assess  that Tawke licence (Genel 25%  working
   interest) gross year-end 2022 2P reserves stood at 327 MMbbls, compared to
   357 MMbbls at year-end 2021, after  adjusting for production of 39  MMbbls
   and an upward technical revision of 9 MMbbls. Following implementation and
   observation of the performance of phase 1 of the Tawke field Enhanced  Oil
   Recovery project, Genel has moved 11.7 MMbbls of the 23.3 MMbbls of  those
   gross 2P reserves that  were previously included as  2C resources into  2P
   reserves.

    

   At Taq Taq (44% working interest, joint operator), gross 2P reserves stood
   at  24  MMbbls  at  year-end  2022  (26  MMbbls  at  end-2021),  following
   production  of  1.6  MMbbls.  McDaniel   &  Associates  carried  out   the
   independent assessment of the Taq Taq licence.

    

   At Sarta (30%  working interest,  operator) Genel’s estimate  of gross  2P
   reserves at year-end  2022 is 9  MMbbls (32  MMbbls at the  end of  2021),
   following  production  of  1.7  MMbbls  and  a  technical  revision  after
   assessment  of  the  results  of  the  2022  appraisal  wells  and   pilot
   production.

    

   Working interest oil reserves (MMbbls) Tawke Taq Taq Sarta
   31 December 2021                       83.3  11.4    9.5
   Production                             (9.7) (0.8)   (0.5)
   Technical revisions                    5.3   (0.1)   (6.2)
   31 December 2022                       78.9  10.5    2.8

    

                                     -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 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: MSCM
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  230180
   EQS News ID:   1583689


    
   End of Announcement EQS News Service

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