Tag Archives | Petoil

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 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 […]

Genel Sells Interest in Chia Surkh

By John Lee. Genel Energy has announced the sale of a 20 percent participating interest in the Chia Surkh Production Sharing Contract (‘PSC’) to Petoil Inc. As consideration for the sale of the 20% interest, Petoil will carry Genel’s share of the costs associated with the Chia Surkh-12 (‘CS-12’) appraisal well. The total cost of […]

Genel Announces Successful Chia Surkh Test

The Anglo-Turkish oil and gas independent, Genel Energy, has announced that a second drill-stem test carried out on the Chia Surkh 10 well has confirmed the existence of an additional oil bearing section. The test was carried out over a 12 metre zone in a younger Miocene section than the the first drill-stem test, and […]

Genel Energy Shares Jump on Oil Find

By John Lee. Shares in the Anglo-Turkish oil and gas company Genel Energy closed up 6.4 percent on Wednesday after it announced that the first of five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery. The company said the Chia Surkh 10 well […]

Genel Energy Increases Chia Surkh Stake to 60%

Genel Energy has issued the following update on its operations at the Chia Surkh block in Kurdistan: On 16 January 2012, Genel Energy plc (“Genel Energy”) announced that it had entered into transactions with Forbes & Manhattan (Kurdistan) Inc. (a subsidiary of Longford Energy Inc.) (“F&M”) and Petoil Petroleum to increase Genel Energy’s interest in […]

Genel Energy Awaiting Approval on Chia Surkh Deal

Genel Energy is still awaiting government approval for its plan to increase its interest in the Chia Surkh block in the Kurdistan Region of Iraq from 20% to 80% and to become the operator of the field. This morning (Thursday) the company issued the following update to the market: On 16 January 2012, Genel Energy plc […]

Genel Takes Control of Chia Surkh

Genel Energy announced on Monday morning that it has taken a step forward in its strategy to consolidate its position as a leading oil and gas player in the Kurdistan Region of Iraq by becoming the government’s sole Contractor in the Chia Surkh exploration block. The Company said today that it is to increase its […]