Genel Energy PLC (GENL)
31 October 2019
Genel Energy plc
Update on Tawke PSC
Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity:
In the Kurdistan Region of Iraq, third quarter production at the Tawke licence averaged 119,800 bopd. Production in the quarter was impacted by a workover of the P-2 well and side-track of the P-3 well at the Peshkabir field.
DNO expects to exit the year with Tawke licence production averaging 120,000 bopd and to maintain this rate into 2020.
Tawke licence cumulative production recently reached a significant milestone of 300 MMbbls.
DNO stated that the Peshkabir-to-Tawke gas project is on track to be delivered in Q1 2020, effectively eliminating gas flaring while enhancing recoverability at the Tawke field.
For further information, please contact:
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.
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