Genel Energy Closes Day on High

By John Lee.

Shares in Kurdistan-focused Genel Energy finished Wednesday up over 2 percent, as CEO Tony Hayward said there is "a lot to look forward to" in terms of oil and natural gas production from the Kurdish region of Iraq.

The shares are trading at levels not seen since early 2011.

The text of the half-yearly report follows:

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  • Net working interest production averaged 41,500 bopd (+7% from 1H 2012), generating revenue of $161 million (+31% from 1H 2012)
  • Material resource additions at Tawke and Bina Bawi confirmed by important appraisal success
  • Significant progress made in commercialising Miran and Bina Bawi oil and gas assets
  • Major exploration success in the KRI: a material new oil discovery at Chia Surkh of c.250-500mmbbls with commercial discoveries at Tawke Deep and Ber Bahr
  • Exploration and appraisal success added c.500 mmboe (50%+ increase) to contingent resources
  • Work programmes progressed across the African exploration portfolio: high impact offshore drilling programme to commence in 4Q 2013
  • Clear evidence of positive political momentum and independent KRI export infrastructure nearing completion
  • Strong first half results and financial position with $867 million of net cash at the end of the period

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