Genel Issues Interim Management Statement

By John Lee.

Shares in Genel Energy closed the day unchanged on Wednesday following the issueing of its Interim Management Statement for the period from 01 July 2013 to 29 October 2013.

The Company will announce its full year 2013 Trading Statement and Operational Update on 15 January 2014. Full year 2013 results will be announced on 4 March 2014.

PRODUCTION UPDATE

  • Net working interest production for the third quarter of 2013 averaged c.53,000bopd, a 10% increase on 3Q 2012.
    • Gross Taq Taq (Genel 44% working interest, joint operator) production for the third quarter averaged c.85,000bopd. Trucked exports via Turkey averaged c.29,000bopd in the period, with the balance being local sales and deliveries to the Bazian refinery.
    • Gross Tawke (Genel 25% working interest) production for the third quarter averaged c.61,000bopd.
  • The Company’s 2013 production guidance range is unchanged at 45-55,000bopd.

REVENUES

  • Sales realisations are as follows:
    • Taq Taq export sales have been reconciled up to end July and realised c.US$75-80/bbl.
    • Taq Taq domestic market sales in the third quarter (including Bazian refinery) realised c.US$73/bbl.
    • Tawke domestic market sales in the third quarter realised c.US$58/bbl.
  • The Company’s 2013 revenue guidance is unchanged at US$300-400m.

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