Tag Archives | Genel Energy

Liftings underway at Sarta

By John Lee. Genel Energy has announced that, following first oil production last week, first liftings have taken place from the Sarta field (Genel 30% working interest). According to a statement from the company, the Sarta-3 well is producing at an initial rate of over 5,000 bopd, with an API gravity of c.27 degrees, in […]

Genel announces First Oil at Sarta

Genel Energy has announced first oil production from the Sarta field (Genel 30% working interest), less than 21 months after the acquisition of the stake was completed. Production has begun at Sarta with first oil flowing from the Sarta-3 well into the Early Production Facility. The Sarta-2 workover operation is on track to be completed […]

Genel Energy issues Trading and Ops Update

Genel Energy has issued the following trading and operations update in respect of the third quarter and first nine months of 2020. Bill Higgs (pictured), Chief Executive of Genel, said: "Genel continues to demonstrate its resilience and ability to be move quickly to navigate changing external conditions. Production has remained robust, increasing quarter on quarter, […]

Genel Energy issues New $300m Bond

By John Lee. Genel Energy has successfully completed the issuance of a new $300 million senior unsecured bond with maturity in October 2025. The new bond will have a fixed coupon of 9.25% per annum. The transaction is subject to customary closing conditions and settlement is expected to occur on or about 14 October 2020. […]

Genel Energy Publishes Sustainability Report

Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative ('GRI') Standards core option. Bill Higgs, Chief Executive of Genel, said: "Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas - economic development, education, and […]

Genel Energy Shares Fall on Asset Impairment

By John Lee. Shares in Genel Energy were trading down 4.5 percent on Thursday morning after the company announced its unaudited results for the six months ended 30 June 2020. Bill Higgs, Chief Executive of Genel, said: "Genel's robust business model, which is designed to provide resilience in a challenging environment, has demonstrated its value […]

Genel Energy appoints new Non-Exec Director

By John Lee. Genel Energy has announced the appointment of Canan Ediboğlu as an Independent Non-Executive Director, with immediate effect. Canan has significant industry, financial, and corporate experience. She has been a non-executive board member of ING Bank in Turkey since 2010, and Tupraş since 2017. Canan was formerly non-executive Board member of Aygaz between […]

Genel Energy "Robust Financial Position"

Genel Energy has issued the following trading and operations update ahead of the Company's Annual General Meeting ('AGM'), which is being held today. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: "Despite the impact of COVID-19 creating a challenging environment […]

Negotiations Continue on Bina Bawi Oilfield

By John Lee. Shares in Genel Energy plc were trading lower in Friday after the company said negotiations were continuing regarding the Bina Bawi field in Iraqi Kurdistan. In a statement, the company said: "Extensive documentation was received in mid-April from the Kurdistan Regional Government ('KRG') following the commercial understanding reached in September 2019. The […]

Genel Energy Report on Payments to Govts for 2019

Report on payments to governments for the year 2019 Introduction and basis for preparation This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2019 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority […]

Genel Energy's new Deputy Chairman Buys Shares

By John Lee. Genel Energy's newly-appointed Senior Independent Non-Executive Director and Deputy Chairman has purchased shares in the company. Former UK Minister for Defence Sir Michael Fallon bought 9,000 shares on Thursday at £1.0967 per share, for a total price of £9,870.30. He was appointed to the board in early February. (Source: Genel Energy)