Tag Archives | Genel Energy

New Oil Well Enters Production at Taq Taq

By John Lee. Share in Genel Energy closed Thursday up 2.75% after the company announced an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now been completed. In a statement, the company said the well has entered production at an initial rate of 2,000 […]

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Genel Energy names New CEO

Genel Energy has announced the appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief Financial Officer, has also been appointed to the Board. Dr. Higgs joined Genel as Chief Operating Officer in October 2017, and has since led on the […]

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More details of Genel Energy Dividend

Genel Energy has announced that, at the bondholder meeting held today, the Company’s proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed. With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per […]

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Genel Energy Shares dip following Results

By John Lee. Shares in Genel Energy were trading down four percent on Wednesday morning after the company announced its audited results for the year ended 31 December 2018, in which it wrote down its Miran asset by $424 million. Despite this, Genel says it can now initiate “a material and sustainable dividend policy“, with […]

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Genel Energy completes Acquisition of Chevron Fields

By John Lee. Genel Energy has announced that approval has been given by the Kurdistan Regional Government (KRG) regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh (pictured) blocks, in the Kurdistan Region of Iraq. According to a statement from the company, the acquisitions have now closed and Genel therefore has […]

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Taq Taq Oil Reserves Update

Genel Energy has announced that McDaniel and Associates (‘McDaniel’) has completed the competent person’s report (‘CPR’) relating to the oil reserves at Taq Taq as at 31 December 2018. Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision […]

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DNO Increases Oil Reserves, Shares Rise

Shares in DNO ASA, the Norwegian oil and gas operator, were trading up five percent on Monday afternoon following the company’s announcemnt that it has replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company’s replacement of proven reserves reached or exceeded 100 percent of production. “DNO’s stellar record […]

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Genel Energy gives update on Taq Taq Field

Genel Energy has announced an update on activity at the Taq Taq Field (Genel 44% working interest). Testing of the TT-32 well has now completed. The well flowed oil from three separate zones, with a maximum individual zone flow rate of c.5,500 bopd with a 36/64″ choke. The free water level was encountered at 1458 […]

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Genel Energy posts strong Trading Update

Genel Energy has issued the following trading and operations update in advance of the Company’s full-year 2018 results, which are scheduled for release on 20 March 2019. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: “2018 was a very positive year […]

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KRG Update on Oil Production and Ops

Tawke Licence: The Kurdistan Regional Government notes the updates by DNO and Genel Energy on November 1st regarding production increases under the Tawke Production Sharing Contract (PSC). The KRG is pleased with the efforts of the Tawke PSC Contractors in the Peshkabir area of the Tawke PSC Licence, where production has risen to over 50,000 […]

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Genel Energy Shares Gain on Trading Update

Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “Genel continues to rapidly increase […]

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DNO Reports Payment for Tawke Deliveries

By John Lee. DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq. The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ […]

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