Genel Energy gives Operational Update

H1 2016 production from Taq Taq averaged c.69,000 bopd. Current production at Taq Taq (including the initial impact of TT-27x and ongoing reservoir management) is c.62,000 bopd, in line with the average production rate through May (c.63,000 bopd) and June 2016 (c.63,000 bopd). H1 2016 production from Tawke averaged c.104,000 bopd with the field currently producing c.120,000 bopd.

H1 2016 production from Taq Taq and Tawke, net to Genel's working interest, averaged c.56,000 bopd. Production in H1 2016 was impacted by the 23 day shutdown of the Kurdistan Region of Iraq ('KRI')-Ceyhan export pipeline in February and March. Excluding this pipeline downtime implies an approximate adjusted H1 2016 average production rate net to Genel of c.60,000 bopd. Downtime in the KRI-Ceyhan export pipeline system has historically not been included when setting Company production guidance.    

Based on actual H1 2016 production of c.56,000 bopd, planned development activity at Taq Taq and the outlook for Tawke as stated by the operator DNO ASA on 4 May 2016, the Company now expects full year 2016 production of 53-60,000 bopd (against previous guidance of 60-70,000 bopd).

(Source: Genel Energy)