Genel Energy has issued a Trading and Operations Update in advance of the Company’s half-year 2014 results, which are scheduled for release on 5 August 2014.
PRODUCTION AND REVENUES UPDATE
- Gross production from Taq Taq averaged 92,000 bopd in H1 2014 and 113,000 bopd in June.
- Gross production from Tawke averaged 84,000 bopd in H1 2014 and 116,000 bopd in June.
- Genel net working interest production averaged 63,000 boepd in H1 2014, an increase of 50% on H1 2013.
- Genel net working interest production averaged 84,000 boepd in June 2014 on the back of exports via the KRI-Turkey pipeline, trucked exports via Turkey, strong domestic demand and the ramp up of deliveries from the Summail gas field into the Dohuk power station.
- The Company’s 2014 production guidance is maintained at 60-70,000 boepd.
- The Company’s 2014 revenue guidance is maintained at $500-600 million.
OPERATIONS AND PIPELINE EXPORTS
- Genel’s operations in the Kurdistan Region of Iraq (“KRI”) remain safe and secure.
- First exports by the Kurdistan Regional Government (“KRG”) via the new KRI-Turkey pipeline infrastructure were lifted from Ceyhan in May. Proceeds from the first cargo, sold at international prices, have been paid into a bank account in Turkey controlled by the KRG.