Tag Archives | Genel Energy

Genel Energy Rise on Trading Update

Shares in Genel Energy rose by nearly 5 percent on Tuesday morning after the company issued the following trading and operations update in advance of the Company's full-year 2021 results, which are scheduled for release on 15 March 2022. The information contained herein has not been audited and may be subject to further review. Bill […]

CFO of Genel Energy to Step Down

Genel Energy announced on Tuesday that Esa Ikaheimonen (pictured), Chief Financial Officer, has advised the Board of his intention to leave the company on 16 March 2022, following the announcement of the Company's 2021 financial results the day before. In a statement, the company said that a search for a suitable replacement is ongoing and […]

Genel Suspends Drilling Ops on QD-2 well at Qara Dagh

Genel Energy has announced that drilling operations on the QD-2 well at Qara Dagh (40% working interest and operator) have been suspended. As previously stated, the well had been side-tracked in response to encountering more complex geology above the target reservoir than expected. Two further side-tracks have been initiated, but the licence partners have now […]

Genel Energy appoints new Non-Executive Director

By John Lee. Genel Energy has announced the appointment of Yetik Mert (pictured) as an Independent Non-Executive Director, with immediate effect. Yetik has almost 40 years' technical, commercial, business development, and general management experience, including holding executive and non-executive Directorship roles across the energy utility and industrial sectors in MENA, CEE and the USA. Yetik […]

KRG hits back at Genel Energy Claims

By John Lee. The Kurdistan Regional Government (KRG) has responded to the statement on Friday by Genel Energy regarding the production-sharing contracts (PSCs) at Bina Bawi and Miran. The KRG strongly denies that it is in repudiatory breach of the PSCs, and denies that Genel is entitled to any compensation. It adds that it will […]

Genel Energy to Claim Compensation from KRG

Shares in Genel Energy opened down more than five percent on Friday morning, before recovering some ground, after the company said it will claim compensation from the Kurdistan Regional Government (KRG). It says the claims, which relate to KRG's intention to terminate the Bina Bawi and Miran production sharing contracts (PSCs) are "substantial", and will […]

Shares in Genel Energy fall as KRG to Terminate Contracts

By John Lee. Shares in Genel Energy fell more than 15 percent in mid-morning trading after the company announced that the Kurdistan Regional Government (KRG) intends to terminate its contracts at Bina Bawi and Miran. In a statement, the company said: "Genel has received notice from the Ministry of Natural Resources of the Kurdistan Regional […]

Genel Energy Increases Dividend

By John Lee. Genel Energy has increased its interim dividend, announced in its unaudited results for the six months ended 30 June 2021: Bill Higgs, Chief Executive of Genel, said: "Genel continues to deliver on its strategy and demonstrate the merits of its business model. Capital investment made last year, despite the low oil price […]

Genel Energy receives March Oil Payments from KRG

Genel Energy has announced that payments have been received from the Kurdistan Regional Government ('KRG') for its entitlement for oil sales during March 2021. Those payments are made up as follows: (all figures $ million) Payment Tawke 14.3 Taq Taq 2.1 Sarta 3.4 Total 19.8 As announced on 13 May, Genel and other KRI operators […]

KRG amends Oil Payment Terms; Share Prices Fall

By John Lee. Shares in oil companies operating in Iraqi Kurdistan have been hit by a change in payment terms imposed by the Kurdistan Regional Government (KRG). Genel Energy, Gulf Keystone Petroleum (GKP) and DNO this morning reported to the markets that they have received letters from the KRG proposing an amendment to payment terms […]

Genel Confirms Increased year-on-year Production

Genel Energy has issued the following statement relating to the Company's Annual General Meeting ('AGM'), which is being held today: Bill Higgs (pictured), Chief Executive of Genel, said: "The addition of production at Sarta and the robust performance of Tawke year-to-date has increased year-on-year production in line with guidance. With a strong balance sheet, our […]