By John Lee.
Shares in Genel Energy opened 1.5 percent higher on Monday morning following the company’s interim management statement for the period from 1 January 2013 to today.
This statement is issued ahead of Genel Energy’s Annual General Meeting, which is being held at 11.00am today at the Sofitel St James’s, 6 Waterloo Place, London, SW1Y 4AN.
- 2013 guidance unchanged: production at 45,000 – 55,000 bopd and revenue of $300 – 400 million
- Net working interest production for the first quarter averaged 37,000 bopd
- revenues in line with budget due to strong price realisations from domestic sales of around $70 per barrel
- Taq Taq and Tawke averaged 73,000 bopd and 18,000 bopd respectively, with volumes impacted by the New Year national holiday and maintenance work at Tawke
- Production capacity at key assetscontinues to grow:
- Taq Taq gross production capacity is currently 120,000 bopd, development drilling and processing capacity expansion continues and is on track to deliver capacity of 200,000 bopd in 2014
- Tawke gross production capacity is 100,000 bopd and is targeting 200,000 bopd by the end of 2014 with further development drilling underway