Genel Energy Interim Management Statement

Genel Energy has issued its Interim Management Statement for the period from 1 July 2012 to 31 October 2012.

Highlights

  • 2012 production guidance increased to c45,000 bopd following the resumption of export sales in August. Sales revenue guidance for 2012 remains unchanged at c $250 – 300 million
  • Following the resumption of exports in August, gross production from Taq Taq is now c90,000 bopd, and Tawke c75,000 bopd
  • Construction of the first phase of the new export pipeline infrastructure in the Kurdistan Region is on track to be completed by the year end
  • Resource base increased by over 200% from total reserves and unrisked resources of 1.4 bn boe a year ago to 4.4 bn boe today
  • Acquisition of an additional 26% interest in Miran and a 44% interest in Bina Bawi, will allow Genel Energy to create a material gas position in the Kurdistan Region to meet the growing needs of the Turkish market
  • Exploration programme to continue throughout 2012 and into 2013: key wells are currently drilling at Tawke Deep and Chia Surkh 10, Taq Taq Deep will spud in Q1 2013
  • Strong cash position with cash of $0.9 billion
  • Continuing to pursue further opportunities to deepen resource potential both in the Kurdistan Region and through further acquisitions of high impact exploration assets within the Middle East and Africa
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