Genel Releases Full Year Results

Genel Energy has announced its preliminary audited results for the year ended 31 December 2013:

Results summary

  • KRI export pipeline infrastructure complete and in the commissioning phase. Volumes of KRI oil in storage at Ceyhan continue to grow
  • Turkey-KRG Gas Sales Agreement a significant milestone in the commercialisation of Miran and Bina Bawi gas fields
  • 100% success rate on KRI exploration – Chia Surkh, Ber Bahr and Tawke Deep discoveries
  • Successful appraisal drilling at Bina Bawi increased mean contingent resources by 70%
  • Proven and probable reserves (2P) increased to 453 mmboe (2012: 445 mmboe), representing a reserve replacement ratio of 147%
  • Total working interest reserves and unrisked resources increased to 5.9 bnboe (2012: 5.4 bnboe)

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Exploration update

  •  JM-1 well on the Cap Juby prospect offshore Morocco confirms the presence of oil in the Upper Jurassic, as originally tested by the 1968 MO-2 well, some 2km from the JM-1 location. The well continues to drill ahead to the primary Middle Jurassic target
  • Taq Taq Deep well drilled to 4,600 metres, with around 300 metres of gas and condensate shows recorded in the Jurassic

Outlook

  • 2014 production guidance maintained: average net working interest production expected to be 60-70,000 boepd, significant growth of 50% at the midpoint of the range
  • Upgrades at both Taq Taq and Tawke on track to deliver processing capacity of 200,000 bopd by the end of 2014
  • Fully funded drilling campaign ongoing, with five high-impact wells in 2014 targeting 1.2 bnboe gross unrisked prospective resource
  • Significant value creation opportunity through domestic sales, early domestic gas monetisation with first production at Dohuk in late Q1 2014
  • Gas Sales Offtake Agreements with KRG for Miran and Bina Bawi expected to be signed in the second half of 2014

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