Tag Archives | Genel Energy

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 […]

DNO Returns to Profitability, Ups Tawke Production Guidance

DNO ASA, the Norwegian oil and gas operator, today reported operating profit of USD 66 million in the first quarter of 2021, following four quarters of losses triggered by market perturbations from the global Covid pandemic. The turnaround was driven by solid production, cost optimization, higher oil prices and regularization of payments from Kurdistan. The […]

Genel Energy Directors Step Down

Genel Energy has announced that Martin Gudgeon and Esa Ikaheimonen have each tendered their resignation as Director of the Company with effect from the close of the Annual General Meeting later today, and accordingly the resolutions relating to their re-appointment have been withdrawn. Esa Ikaheimonen remains in his role as Chief Financial Officer. Martin Gudgeon […]

Genel Energy shares gain on 2020 Results

Genel Energy has announced its audited results for the year ended 31 December 2020. The shares closed the day up more than 2 percent. Bill Higgs, Chief Executive of Genel, said: "2020 was a uniquely challenging year for everyone. As for Genel, our continued progress and strong performance in 2020 has laid the foundation for […]

Genel Energy Non-Exec to Step Down

Genel Energy hasĀ  announces that after over nine years on the Board, George Rose (pictured), Independent Non-Executive Director, will not be standing for re-election at the forthcoming Annual General Meeting. The Board will continue to keep its size and composition under review, including the balance between independent and non-independent directors in light of the recommendations […]

Sarta-2 Well enters Production

By John Lee. Genel Energy has announced that the Sarta-2 well has entered production at the Sarta field (Genel 30% working interest), with gross field production now in excess of 10,000 bopd. Genel expects this figure to increase from the existing two producing wells, as optimisation of facilities configuration continues post production start-up. The company […]

Genel Energy Updates on Oil Reserves

Genel Energy has issued an update on oil reserves and resources across its portfolio. Bill Higgs (pictured), Chief Executive of Genel, said: "The quality of our reserves is the foundation of our resilient business model, providing us with low-cost production that can generate cash for many years to come. "Drilling at Sarta this year has […]

Genel Energy expects Continued Growth

By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company's full-year 2020 results, which are scheduled for release on 18 March 2021. The information contained herein has not been audited and may be subject to further review. Bill Higgs, Chief Executive of Genel, said: "Executing our strategy […]

Genel Energy issues Update on Tawke

Genel Energy notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has issued an update on licence activity. Gross operated production from the Tawke licence averaged 110,300 bopd in 2020, about evenly split between the Tawke and Peshkabir fields, the sixth consecutive year in which gross Tawke licence production has […]

KRG to Resume Override Payments to Genel

By John Lee. Genel Energy has received notice from the Kurdistan Regional Government ('KRG') that override payments, whereby Genel receives 4.5% of monthly Tawke gross field revenues, will resume with the January 2021 invoice, to be paid in February 2021. Assuming the prevailing oil price, this translates into over $5 million of additional cash proceeds […]