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GENEL ENERGY (LON:GENL) Genel Energy PLC: Update on Sarta PSC

Directive transparence : information réglementée

05/09/2019 08:00

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

05-Sep-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


5 September 2019

 

Genel Energy plc

 

Update on Sarta PSC

 

Genel Energy plc ('Genel' or 'the Company') can confirm that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility ('CPF').

 

OILSERV has been contracted for the facility through a lease agreement. The commissioning of the CPF and production start-up remains on track for the middle of 2020.

 

Phase 1A of the development represents a low-cost pilot development of the Mus-Adaiyah reservoirs, designed to recover 2P gross reserves of 34 MMbbls. Crude will be processed through the CPF and then transferred to a local facility for further distribution.

 

Subsequent expansion investment decisions will be based on production behaviour plus a subsequent two to three well appraisal/development campaign. Unrisked gross mid-case resources relating to the Jurassic Mus-Adaiyah reservoir alone are estimated by Genel at c.150 MMbbls, similar in size to the Peshkabir field.

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

 

Notes to editors:

 

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.



ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 19033
EQS News ID: 868791

 
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