Genel Energy: Tawke Reserves Update

Genel Energy plc notes that DNO ASA, as operator of the Tawke field (Genel 25% working interest), has today published updated estimates of Tawke field reserves.

At 31 December 2016, Tawke gross proved (1P) reserves are estimated by DNO ASA at 348 mmbbls, compared to 387 mmbbls at year-end 2015.

At 31 December 2016, gross proved plus probable (2P) reserves are estimated at 504 mmbbls, compared to 543 mmbbls at year-end 2015.

Tawke production in 2016 totalled 39 mmbbls.

At 31 December 2016, Tawke 2C contingent resources are estimated at 100mmbbls, unchanged from year-end 2015.

At the Peshkabir field, gross 2P reserves at 31 December 2016 stood at 32 mmbbls, all of which is located in the Jurassic reservoir, discovered in 2012. Peshkabir's 2C resources at 31 December 2016 are estimated at 111 mmboe, of which 104 mmbbls is oil and 7 mmboe is gas. The Cretaceous discovery at the Peshkabir field, announced by the Tawke field partners in January 2017, added 48 mmboe of gross 2C resources, which is principally oil. At year-end 2015, Peshkabir's gross 2C resources stood at 63 mmboe.

(Source: Genel Energy)

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