Genel Trading Update: "Operations Secure"

Development and Appraisal

  • At the Taq Taq (Genel 44% working interest) field, the construction of the second central processing facility is progressing. A temporary reduction in activity during the recent instability on the borders of the KRI means completion is now expected in Q3 2015, when surface processing capacity will reach 200,000 bopd. To mitigate against the impact of this delay, a temporary production facility is being mobilised to the field which will lift surface processing capacity to 150,000 bopd by Q1 2015
  • At Tawke (Genel 25% working interest), the new 24 inch pipeline from the field to the Fishkhabour export tie-in is scheduled for completion by year-end. Works to increase the production capacity of the field to 200,000 bopd are now expected to be complete in Q1 2015
  • Production at the Summail gas field on the Dohuk licence (Genel 40% working interest) has declined sharply in recent months due to decreasing reservoir pressure and water production in the two producing wells. The field is currently producing at rates significantly below those envisaged in the original field development plan. Work continues to fully understand the reasons behind the drop in reservoir pressure and water production. However, Genel anticipates that gross mean recoverable reserves and deliverability from the field will be below previously disclosed levels

Exploration

  • The SM-1 well on the Sidi Moussa permit (Genel 60% working interest) offshore Morocco is being plugged and abandoned. The well was drilled to a total depth of 2,825 metres sub-sea and encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates. In the course of well control operations 26 degree API oil was produced to surface. A subsequent testing program over the same interval failed to produce oil at sustainable rates, potentially as a consequence of the reservoir damage suffered during drilling and well control operations. Further evaluation of the well results and other subsurface information is required before any definitive conclusions can be drawn. The Noble Paul Romano semi-submersible rig will now be released
  • The exploration well on the Jacare prospect on Block 38 offshore Angola spudded in mid-September. Results are expected within the next few weeks
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