Tag Archives | Miran

Genel Pauses Bina Bawi Plans; Numis Upgrades

By John Lee. Genel Energy has announced that it “will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation.” In a statement, the company said: “As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi […]

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 […]

Genel Energy Returns to Profit

Genel Energy has announced a return to profit. In its audited results for the year ended 31 December 2017, Murat Özgül (pictured), Chief Executive of Genel, said: “Another year of consistent payments by the KRG and a disciplined capital allocation strategy helped to generate material free cash flow in 2017. This was enhanced in the […]

Genel Updates on Oil Reserves

By John Lee. Genel Energy has announced the completion of competent person’s reports (‘CPRs’) relating to the oil reserves and resources at Taq Taq, Bina Bawi, and Miran. McDaniel and Associates have updated the CPR relating to the Taq Taq field (Genel 44% working interest, joint operator). RPS Energy Consultants Ltd. (‘RPS’), as part of […]

Genel Energy Updates on Operations in Kurdistan

Genel Energy has issued a trading and operations update in advance of the Company’s full-year 2017 results, which are scheduled for release on 22 March 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: “A strong final quarter of 2017 completed […]

Genel Energy gets more time for Gas Project

Genel Energy has announce that it has agreed with the Kurdistan Regional Government (KRG) a 12 month extension to the schedule for satisfying the conditions precedent (‘CPs’) contained within the Gas Lifting Agreements (‘GLA’s) for the Bina Bawi and Miran fields signed in February 2017. The revised date by which the CPs are to be […]

Bina Bawi and Miran West gas resource update

Genel Energy has announced that RPS Energy Consultants, as part of its work on the updated competent person’s reports (‘CPRs’) for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets: The RPS evaluation confirms a significant upgrade to the combined 2C […]

Rosneft in the Kurdish Region: Moscow’s Balancing Act

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Between February 2017 and mid-October, Rosneft signed a number of deals with the Kurdish Regional Government (KRG) that established for it, […]

Genel Energy Updates on Miran and Bina Bawi Fields

Genel Energy has announced that it has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts (‘PSC’s) and Gas Lifting Agreements (‘GLA’s) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the […]

Genel Energy Shares Slide on Lower Production Forecast

By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company’s full-year 2016 results, which are scheduled for release on 30 March 2017. In the statement (see below), the company said it expects a significant drop in production in 2017. Share were trading down 11 percent on Tuesday. […]

Genel Energy Trading and Operations Update

Genel Energy plc issues the following trading and operations update in respect of Q3 2016. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “Genel has received $163 million in cash proceeds during 2016, underpinning the drilling of successful production wells […]

Genel Energy Outlines 2016 Plans

By John Lee. In its trading update this morning, Genel Energy gave the following plans for its operations in Iraqi Kurdistan: The majority of planned activity and capital expenditure in the KRI is discretionary, which confers significant flexibility. The Company will leverage this flexibility and match activity to the level of cash proceeds received from […]