Tag Archives | Genel Energy

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 […]

DNO Spuds Third Peshkabir Well; Resumes Field Appraisal

DNO, the Norwegian oil and gas operator, today announced resumption of appraisal drilling at the Peshkabir discovery on the Tawke license in the Kurdistan region of Iraq following extended testing of the Cretaceous and Jurassic reservoirs in the Peshkabir-2 well. The Company spud the Peshkabir-3 well on 8 July as part of a fast track […]

DNO and Genel report Payment for Oil Exports

By John Lee. Norway’s DNO has reported receipt of $40.66 million from the Kurdistan Regional Government (KRG) as payment towards April 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, include $34.10 million towards monthly deliveries and $6.56 million towards […]

Shell Veteran to be Genel Energy CFO

Genel Energy has announced that Esa Ikaheimonen has been appointed as Chief Financial Officer. He will be based in London and will join the Company on 3 July 2017. Esa has over 25 years of oil and gas industry experience, most recently as Group CFO of leading publicly listed offshore drilling companies Transocean and Seadrill. […]

Genel Energy Receives Payment for Exports

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $15.24 million from the Kurdistan Regional Government (‘KRG’) for oil sales during March 2017. Genel’s net share of the payment is $8.38 million. The payment reflects full settlement of the invoiced amount for March 2017 oil sales, and incorporates […]

Genel Energy: Taq Taq rate of decline slows

Tony Hayward (pictured), Chairman of Genel Energy, has given an update on the business at the Company’s Annual General Meeting this morning: Genel has a clear strategic focus – maximising the generation of free cash flow from our oil assets, accelerating the recovery of the receivable for unpaid oil sales, and crystallising value from the […]

Genel Co-Founder Nat Rothschild Resigns

By John Lee. Genel Energy has announced that Nathaniel Rothschild and Simon Lockett have resigned from the Board. Accordingly, they will no longer stand for re-election at the Annual General Meeting of Genel Energy on 6 June 2017. Rothschild, along with form BP boss Tony Hayward, created the company in 2011 when their investment company […]

Genel Energy CFO to Leave

Genel Energy announced on Friday that Ben Monaghan (pictured), Chief Financial Officer, has advised the Board of his intention to leave the company on 30 June 2017. The company said a search for a suitable replacement is ongoing and an announcement will be made in due course. Murat Ozgul, CEO of Genel, said: “Ben has […]

DNO Reports Payment for Tawke Deliveries

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 41.40 million from the Kurdistan Regional Government as payment towards February 2017 crude oil deliveries to the export market from the Tawke field. The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 34.73 million toward monthly […]

DNO Doubles Wells at Tawke; Shares Rise

Shares in DNO ASA, the Norwegian oil and gas operator, were trading up 5 percent on Thursday morning after the company announced expanded investments, including doubling of planned 2017 wells at the Tawke field in the Kurdistan region of Iraq, on the back of strong first quarter results. The Company reported quarterly net profit of […]

Genel Energy: Hayward to Step Down

Genel Energy has announced that Stephen Whyte has been appointed as an independent non-executive director and Chairman designate with immediate effect. Tony Hayward (pictured) will retire as a Director and Chairman of the Company at the conclusion of the 2017 AGM, to be held on 6 June 2017, at which point Stephen Whyte will take […]