Tag Archives | Genel Energy

Genel Energy Updates on Kurdistan Operations

Genel Energy has issued a trading and operations update for Q3 2017. The information has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “During the quarter Genel executed a landmark settlement agreement with the KRG over historical receivables, which we expect to materially enhance our […]

DNO: First Payment under Kurdistan Receivables Settlement

DNO ASA, the Norwegian oil and gas operator, today reported the first payment from the Kurdistan Regional Government under the recently concluded agreement covering outstanding receivables for past crude oil deliveries. Under the agreement effective 1 August 2017, the Company was assigned the Government’s 20 percent interest in the Tawke license as well as three […]

Genel Energy gets New COO

Genel Energy has announced that Paul Schofield is stepping down from the role of Chief Operating Officer and will leave the Company on 16 October 2017. Dr. William (Bill) Higgs will succeed him in the role and will join the Company on 6 November 2017. Dr. Higgs has nearly 30 years of global exploration, development […]

KRG Makes Payments for July Oil Exports

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $10.39 million from the Kurdistan Regional Government for oil sales during July 2017. Genel’s net share of the payment is $5.71 million. Gross oil sales from the Taq Taq field in July 2017 averaged 14,873 bopd, including both exports […]

Taq Taq September Production Below Average

By John Lee. Genel Energy has announced that production at its Taq Taq field in Iraqi Kurdistan, in which it has a 44 percent working interest, averaged 13,475 barrels per day in September. This is considerably below the 2017 year-to-date average of 19,398 barrels per day. (Source: Genel Energy)

Genel Energy Confirms Latest Oil Payments

By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $10.22 million from the Kurdistan Regional Government for oil sales during June 2017. Genel’s net share of the payment is $5.62 million. Gross oil sales from the Taq Taq field (pictured) in June 2017 averaged 15,863 […]

Genel Energy Appoints New Directors

By John Lee. Genel Energy announces that Tim Bushell and Martin Gudgeon have been appointed as independent Non-Executive Directors of the Company with immediate effect. Mr Bushell is a qualified geologist with over 35 years’ experience working in the oil and gas sector. He is currently on the Boards of Petro Matad, Rockhopper Exploration, and Point […]

DNO Shares Continue to Rise

By John Lee. Shares in Norway’s DNO continued to rise on Friday, following yesterday’s announcement of a “landmark settlement of outstanding receivables ” with the Kurdistan Regional Government (KRG). At market close on Friday, the shares had gained 13.8 percent on the day, and 35 percent since Thursday morning. However, DNO’s partner in Iraqi Kurdistan, […]

Genel Shares Rise on KRG Deal

Genel Energy has announced a definitive agreement with the Kurdistan Regional Government (KRG) relating to unpaid entitlements for past oil sales from the Taq Taq and Tawke fields. The company’s shares were trading up 7 percent on Thursday morning. Cash flow is expected to be materially enhanced over the course of the agreement, delivering significant […]

DNO receives Payment for Tawke May Deliveries

DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 39.59 million from the Kurdistan Regional Government as payment towards May 2017 crude oil deliveries to the export market from the Tawke license. The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 33.21 million towards monthly […]

Genel Energy Half-Year Report

Shares in Genel Energy rose slightly on Tuesday after the company announced its unaudited results for the six months ended 30 June 2017: Highlights Tawke and Taq Taq generated cash proceeds of $139 million in H1 2017, leading to free cash flow of $78 million in the period Successful bond repurchase in April 2017, with […]