Genel Energy Up following Interim Mgt Statement

EXPLORATION

  • Significant new oil discovery at the Chia Surkh field in the Kurdistan Region of Iraq ("KRI"); test flow rates of up to 11,950 bopd; first appraisal well spudded
  • Extensive well testing programme underway at Tawke Deep over 2,000 metres of previously untested Jurassic and Triassic sections in which significant oil and gas shows were encountered during drilling
  • Four more high impact wells in the KRI during 2013, targeting 1.5bn boe gross unrisked prospective resources including Taq Taq Deep which spudded on 27 March 2013
  • Work programmes progressing across African exploration portfolio; advanced negotiations to secure a rig with ten slots ongoing and drilling programme on schedule to commence late 2013
  • Wells in Morocco and Malta to spud in Q4 2013
  • 2D seismic acquisition programme underway in Somaliland

FINANCE

  • 2013 capital expenditure guidance unchanged at c.$400-500 million (including Africa capital expenditure at c.$150million); KRI activities funded by cash from current operations
  • Cash balance at 19 April c.$0.9 billion

Tony Hayward (pictured), chief executive of Genel Energy said:

"Genel has started 2013 strongly with a significant oil discovery at Chia Surkh, very encouraging results so far from our Bina Bawi appraisal wells and good progress made across the board in our major development projects.

"As political momentum continues to build and the construction of independent regional infrastructure moves forward rapidly, it is evident that 2013 is set to be a highly significant year for both Genel and the Kurdistan Region's oil and gas industry."

Future announcements

Genel Energy's 2013 Half Year Results will be announced on Wednesday 31st July 2013.

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