As previously reported, the portion of Tawke production that was delivered to the Iraqi national pipeline system for export through Turkey was halted on 2 April 2012. All other Tawke oil and refined product sales and field operations remain unaffected. The Company has no new information as to when and under what conditions exports might resume.
Offshore Oman, production from the Company's two operated fields is temporarily shut in as a result of blockage in the pipeline between the Bukha and West Bukha production platforms that occurred during routine pigging operations. Efforts are underway to resolve this situation but total downtime may be as much as four weeks.
The halt in export from the Tawke field in Kurdistan and the temporary closure of the Bukha and West Bukha platforms will result in lower production volumes in the second quarter of the year although overall cash from operations is currently not expected to be materially impacted.
Tony Hayward, chief executive of Genel Energy added:
"Operations on the Tawke field continue according to plan and we are on track to increase capacity to 100,000 barrels of oil per day by the end of 2012. Peshkabir-1 is the first well in our extensive exploration programme of 7 high impact wells that we are drilling over the next 18 months, and we look forward to the completion of the testing programme."
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