Genel Energy Up following Interim Mgt Statement

By John Lee.

Shares in Genel Energy opened 1.5 percent higher on Monday morning following the company's interim management statement for the period from 1 January 2013 to today.

This statement is issued ahead of Genel Energy's Annual General Meeting, which is being held at 11.00am today at the Sofitel St James's, 6 Waterloo Place, London, SW1Y 4AN.

Highlights

PRODUCTION

• 2013 guidance unchanged: production at 45,000 - 55,000 bopd and revenue of $300 - 400 million
• Net working interest production for the first quarter averaged 37,000 bopd

• revenues in line with budget due to strong price realisations from domestic sales of around $70 per barrel
• Taq Taq and Tawke averaged 73,000 bopd and 18,000 bopd respectively, with volumes impacted by the New Year national holiday and maintenance work at Tawke

• Production capacity at key assetscontinues to grow:

• Taq Taq gross production capacity is currently 120,000 bopd, development drilling and processing capacity expansion continues and is on track to deliver capacity of 200,000 bopd in 2014
• Tawke gross production capacity is 100,000 bopd and is targeting 200,000 bopd by the end of 2014 with further development drilling underway