Genel Energy Interim Management Statement

Genel Energy has issued the following Interim Management Statement for the period from 1 January 2014 to today (Tuesday 2nd April). The statement was issued ahead of the company’ss Annual General Meeting.

PRODUCTION AND REVENUE

  • 2014 production and revenue guidance unchanged at 60,000-70,000 boepd and revenue of $500-600 million
  • Net working interest production for the first quarter averaged 50,000 bopd, an increase of 35% on Q1 2013
    • Taq Taq and Tawke averaged 81,000 bopd and 57,000 bopd respectively
  • Domestic sales realisations were $69/bbl for Taq Taq and $58/bbl for Tawke
  • Production and revenues expected to increase over the course of 2014 as the Kurdistan Region of Iraq (“KRI”) oil pipeline system comes into operation

INFRASTRUCTURE

  • The KRI pipeline commissioning process is substantially complete after compression was installed at the Khurmala Dome. Works to replace a short section of the 40 inch Iraq-Turkey pipeline in Turkey and install extra compression at Fishkabur are expected to be completed in H2 2014.

DEVELOPMENT AND APPRAISAL

  • At the Taq Taq field, the construction of the second central processing facility is progressing and is on track for completion around year end. The drilling of the first deviated and horizontal wells on the field will follow completion of the Taq Taq Deep exploration well.
  • During the quarter, two additional horizontal development wells were completed at the Tawke field and brought onstream at a combined rate of 37,000 bopd. The operator, DNO International, has outlined plans to increase field processing capacity from 100,000 bopd to 200,000 bopd by the end of 2014 through the installation of early production facilities.
  • First gas production from the Summail field development is expected shortly.
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