Genel Energy: Trading and Operations Update

PRODUCTION UPDATE

• Net working interest production for 2013 averaged 44,000bopd, in line with 2012

• Gross Taq Taq production in 2013 averaged 77,000bopd (2012: 75,500bopd). Volumes in 4Q 2013 were impacted by a fire at the Taq Taq Tanker Loading Station in November. As a consequence the field operated at a reduced rate through much of November and December. Full operating capability was restored towards the end of 2013.
• Gross Tawke production in 2013 averaged 39,000bopd (2012: 45,000bopd). Pricing sensitivity in the domestic market impacted production levels in 4Q 2013 versus the prior quarter.

• The Company's 2014 production guidance is set at 60-70,000boepd, which at the midpoint would represent a c.50% increase on 2013. This guidance is constructed on a relatively conservative basis as the new KRI independent export pipeline comes into operation. It assumes:

• 1Q 2014 production dynamics broadly similar to full-year 2013 - i.e. domestic sales from both Taq Taq and Tawke and truck based exports from Taq Taq via Turkey.
• Major exports via the new KRI independent export pipeline to commence and ramp up during 2Q 2014.