Genel Energy has issued the following trading and operational update in advance of the Company's 2012 full year results, which are scheduled for release on 28 February 2013. Information contained within this release is un-audited and may be subject to further review.
Tony Hayward (pictured), Chief Executive said:
"2012 saw a strong production performance and a materially expanded exploration portfolio which will provide us with significant opportunities in 2013, both in the Kurdistan Region of Iraq and Africa. We expect revenues to be ahead of previous guidance and all development and exploration activities in Kurdistan to be funded from cash flow generated locally in line with our stated strategy.
"We are today exporting oil to Turkey in accordance with the authority granted to us by the Kurdistan Regional Government and as the largest independent operator in Kurdistan, are well placed to take advantage of regional opportunities for a broader export market as the political situation continues to develop."
Genel Energy's average net working interest production for the full year 2012 was in line with guidance at 44,500 bopd (2011: 42,000 bopd). During the course of the year production from Genel Energy's two producing assets, Taq Taq and Tawke, has been sold into both domestic and export markets.
In response to the uncertainty regarding the receipt of the second payment for historic exports owed from the Federal Government of Iraq, Genel Energy, along with other international operating companies, began reducing exports in mid-November and switched sales of production back into the domestic market realising prices through December above $70/bbl. Through the first two weeks of January, Taq Taq production has averaged 89,000 bopd gross and on 4 January hit a high of 109,000 bopd.