By John Lee.
Shares in Genel Energy were trading near their all-time low on Thursday, as markets reacted to the company’s warning on Wednesday that “2016 revenue is expected to be at the lower end of the previously communicated $200-230 million guidance range“.
It also said that production levels for the year would come in at the bottom of its target range of 53,000 bpd to 60,000 bpd.
Daniel Slater, research director at Arden Partners, told Reuters:
“We are disappointed to see the continued decline at Taq Taq [pictured] and the delays in revenue from the KRG have not helped here.”
(Sources: Yahoo!, Reuters, Genel Energy)