Genel Energy Closes Day on High

Outlook

• 2013 guidance maintained: average net working interest production expected to be 45,000 - 55,000 bopd, generating revenues of $300-400 million
• Independent KRI export pipeline infrastructure to be completed by the end of 2013
• Development programmes at Taq Taq and Tawke on track for net working interest production capacity of 140,000 bopd by the end of 2014
• Appraisal and development programmes at Miran and Bina Bawi continue: early oil development underway, export and domestic gas monetisation options being progressed; targeting export Gas Sales Agreement between the KRG and Turkey by 4Q 2013
• Material exploration drilling programme continuing in the KRI on Chia Surkh, Taq Taq Deep and Miran Deep, targeting c.1.0 bn boe gross unrisked resources
• High impact African exploration programme targeting 3.3 bn boe net unrisked prospective resources to commence in 4Q 2013: first well to spud in Morocco

Commenting today Tony Hayward (pictured), chief executive, said:

"Genel has had a strong first half of the year making material progress in exploration, appraisal and development. Success with the drill bit has added c.500 mmboe to our contingent resource hopper - an increase of more than 50% - while the development programmes at both Taq Taq and Tawke continue to build production capacity, and look set to benefit from the expected completion and operational start-up of the KRI export pipeline by year end.

The appraisal success at Bina Bawi and Miran has created a transformational gas business and Genel, with our Turkish heritage, is uniquely placed to benefit from the KRG-Turkey Gas Sales Agreement which we expect to be signed by year end.

The strong combination of operational and political momentum we are enjoying in the KRI will be further reinforced by an African exploration programme that will commence in the fourth quarter of the year. We have a lot to look forward to."

(Source: Genel Energy, Yahoo!)