Genel Energy: Trading and Operations Update

Bina Bawi PSC (44% working interest)

Genel enjoyed significant E&A success at Bina Bawi in 2013 with the BB-4 & 5 wells testing at a cumulative rate of 60mmcfd across the Triassic Kurra Chine. In addition, the Triassic Geli Khana reservoir flowed at 10mmcfd. The wells established a 1,500 metre gas column in the field with the potential for another 500 metres of column down-dip of the Bina Bawi-4 well. The results confirmed Bina Bawi as a major gas discovery.

A Competent Person's Report commissioned from RPS Energy has led to a 10% upgrade in the gross mean contingent gas resource at Bina Bawi from 4.4Tcf to 4.9Tcf. Management believes that, when combined with Miran, Bina Bawi is well placed to anchor the 10bcma of export volumes from the KRI to Turkey by 2020, as envisaged in the GSA between Turkey and the KRG.

Dohuk PSC (40% working interest)

In September 2013, the Dohuk licence partners signed a Gas Sales and Purchase Agreement with the KRG to supply gas from the Summail field to a local power station. Initial deliveries will be around 30 to 50mmcfd with a continual ramp up to 100mmcfd as new wells are drilled and additional facilities are installed. First gas from the Summail-1 well is targeted for 1Q 2014.

KRI Exploration and Appraisal

Chia Surkh PSC (60% working interest, operator)

On the back of the results from the successful CS-10 and CS-11 wells, 3D seismic acquisition over the entire Chia Surkh PSC is now around 60% complete. Two appraisal wells are planned on the greater Chia Surkh structure in 2014. Further E&A activity, including a potential exploration well on the Qalami structure, is planned for 2015.

Ber Bahr PSC (40% working interest, operator)

The Ber Bahr-1 well was successfully side-tracked in 1H 2013 and tested 2,100bopd of 15 degree API oil from the Jurassic Sargelu formation. A 3D seismic survey is planned for completion by mid-year 2014. Ber Bahr-2, an appraisal well, is planned to spud in 4Q 2014.