By John Lee.
Genel Energy has hosted a Capital Markets Day for analysts and investors in London.
Tony Hayward (pictured), Chief Executive Officer of Genel Energy, said:
“In the Kurdistan Region of Iraq we have doubled the size of our business and created, alongside our existing oil business, the potential for a very significant gas business targeting the rapidly growing Turkish market.
“We have made excellent progress assembling a high impact African portfolio. At the same time we have strengthened our management, operational and technical capability in order to take advantage of the opportunities available to us.
“Outside of the Kurdistan Region of Iraq, material equity in significant prospects in Somaliland, Morocco, Cote d’Ivoire and Malta, all have potential for over 250mmbbls gross reserves and give us material exposure at basin level.
“We aim to drill over five high impact exploration wells per annum, and across our portfolio we are now targeting unrisked prospective resources of 1.7bn bbl, with total working interest reserves and unrisked resources of 3.1 billion boe.
“Our strong financial position, with over $900 million cash on the balance sheet, means that we will continue to target those opportunities that we believe could provide significant value for shareholders.“