Genel Shares Unchanged on $58m Loss

Shares in Genel Energy were largely unchanged following the announcement of a $58 million loss in its first set of year-end results.

Highlights

• Successfully raised $2.1 billion through an IPO in June
• Established a top-class, highly experienced Board and management team
• Merged with Genel Energy International, gaining a world class portfolio of assets and readmitted to the London Stock Exchange in November 2011
• Net average production increased by 147% from 17,000 bopd in 2010 to 42,000 bopd in 2011
• Net 2P reserve base increased by 60% from 257mm bbls to 412mm bbls
• Total working interest reserves and un-risked resources of 1.6bn boe, an increase of 45%
• Signed agreements to increase operating interest in the Chia Surkh field from 20% to 80%
• Strong balance sheet with net cash at 31 December 2011 of $1.9 billion