Genel Shares Unchanged on $58m Loss

Outlook

• Commenced Kurdistan's most significant exploration drilling programme to date, 7 high impact wells targeting over 700 mmboe of un-risked resource potential
• Plans for the construction of the KICE pipeline are progressing
• Targeting net production of 55,000 - 60,000 bopd in 2012
• Development plans in place to increase production facilities on Tawke to 100,000 bopd in 2012 and studies underway to support production of 150,000-200,000 bopd by 2014
• Plans underway to increase Taq Taq production to 200,000 bopd by 2014
• Revenue from sales expected to generate $250-300 million in 2012

Commenting today Tony Hayward, chief executive, said:

"The merger of Vallares and Genel Energy International in November 2011 was the first step in establishing a major E&P company in the Middle East and Africa region. We are the largest independent oil producer in the Kurdistan Region of Iraq with world class assets and an exciting high impact exploration portfolio. We believe we have established a solid platform from which to pursue our growth ambitions and as an Anglo-Turkish champion we are well placed to benefit from Turkey's growing influence in the region and further afield. With $1.9 billion of cash available to invest in new opportunities, we look forward to an exciting future."