Genel Energy Updates on Kurdistan Operations

KRI GAS BUSINESS

  • During the period the Company continued its efforts to maximise the value of its KRI gas assets, which included negotiations with potential farm-in partners for the upstream development of the Miran and Bina Bawi gas fields
  • The prospect of enhanced future cash flows under the RSA has created an opportunity for further appraisal and development activity at the Miran and Bina Bawi fields, which may include an extended well test and 3D seismic on Bina Bawi, and early development of the Miran oil resource. The Company believes this activity, which has yet to be finalised and is dependent on a number of factors including continuity of payments, can be implemented while maintaining financial flexibility and a strong balance sheet, and will deliver the best possible shareholder value and backdrop for the farm-out process
  • The updated competent person's reports for Miran and Bina Bawi are on track to complete by the end of 2017. During Q3, it was announced that the KRG had negotiated Rosneft's participation in the funding of the construction of the KRI natural gas pipeline infrastructure

AFRICA EXPLORATION UPDATE

  • Onshore Somaliland, the acquisition of 2D seismic data on the SL-10B/13 (Genel 75%, operator) and Odewayne (Genel 50%, operator) blocks continues, with over 2,000 km obtained to date. Initial results have offered sufficient encouragement for a number of high graded areas to be targeted with infill 2D seismic acquisition. Processing of the data, commencing Q4 2017 and continuing into 2018, will facilitate seismic interpretation and the associated development of an inventory of drillable prospects
  • The Company is in the final stages of discussions with the Moroccan government over the nature, scope and timing of the activity related to the remaining exploration commitment on the Sidi Moussa offshore licensed acreage

(Source: Genel Energy)

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