Genel Shares Bounce on "Significant Growth"

Tony Hayward (pictured), Chief Executive of Genel, said:

"2014 was a year of significant growth for Genel. Operational progress and the completion of the KRI-Turkey pipeline helped to drive production up 58%, which in turn led to an increase in both revenue and EBITDAX of almost 50%. Growth is set to continue in 2015, with production forecast to rise by a further 40%.

"At a time of a depressed oil price we remain focused on the importance of a robust balance sheet. Genel's financial flexibility is a significant strength, and allows us to target spending on growth at our producing assets in the KRI, as we wait for the economic situation in Iraq to improve sufficiently to facilitate regular export payments.

"In the first quarter of 2015 we have stepped up the domestic monetisation of our KRI production. Given that this production is amongst the lowest-cost in the world, and domestic realisations strong, this provides a significant interim source of revenue until predictable export payments are in place. We expect to receive regular payments for exports as we move through 2015."

(Sources: Genel Energy, Yahoo!)