Genel Energy PLC (GENL)
27 May 2020
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.
Gross production at the Tawke licence in the Kurdistan Region of Iraq, containing the Tawke and Peshkabir fields, absent drilling of new infill wells to arrest natural field decline, is expected to average 100,000 bopd in 2020. This reflects a drop from 115,210 bopd in Q1 2020 to 100,000 bopd in Q2 2020 and 90,000 bopd over the balance of the year.
The Tawke licence exit rate at year-end 2020 is projected at 85,000 bopd, absent any new wells. The operator believes the reduction in oil production is reversible with a restart of drilling as and when the market recovers. Production continues to be split approximately 55-45 between the Tawke and Peshkabir fields.
One active workover rig will shortly be moved for scheduled maintenance. However, two third-party rigs remain warm stacked at the Tawke and Peshkabir fields and can quickly be mobilised if oil prices climb and export payments are regularised.
For further information, please contact:
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 Taq Taq and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
|EQS News ID:||1056069|
|End of Announcement||EQS News Service|