Tag Archives | Genel Energy

Tawke Oilfield: First Quarterly Production Increase since 2015

Genel Energy notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity. Gross production at the Tawke licence averaged 106,900 bopd during the second quarter, of which Peshkabir contributed 62,300 bopd and Tawke 44,600 bopd, the latter representing the first quarterly production increase […]

Genel Energy: Strong Results, but Shares Down

By John Lee. Shares in Genel Energy were trading down around 5 percent on Tuesday morning, despite significant increases in revenue and profit announceed in its unaudited results for the six months ended 30 June 2022. Paul Weir, Interim Chief Executive of Genel, said: "Our cash generation in the first half of the year has […]

KRG files Civil suit against Baghdad Minister of Oil

By John Lee. The Minister of Natural Resources of the Kurdistan Regional Government (KRG) has filed a civil suit against the Baghdad Minister of Oil, accusing him of sending emails and letters with the intention of intimidating international oil companies (IOCs) and interfering with the contractual rights of the IOCs and the KRG. The KRG […]

Genel Energy CEO Steps Down

Genel Energy has announced that after discussions with the Board following the recent AGM, at which Bill Higgs did not receive the required 50% majority of votes in favour of re-election as a Director, he has agreed to step down as CEO of the Company with immediate effect. Dr Higgs will take up a role […]

Genel Energy appoints new Chief Financial Officer

By John Lee. Genel Energy has announced that Luke Clements (pictured) has been appointed Chief Financial Officer (CFO) with immediate effect. Luke, who was previously Interim Chief Financial Officer, has been responsible for a broad range of financial, commercial, and treasury related activities at the Company. Having joined the Company in 2011 to advise on […]

Genel Energy issues update on Trading and Ops

Genel Energy has issued the following trading and operations update ahead of the Company's Annual General Meeting ('AGM'), which is being held today: Bill Higgs, Chief Executive of Genel, said: "Our robust financial position continues to strengthen, supporting investment in our organic portfolio as well as our progressive dividend. Despite the result of Sarta-5, the […]

Shares in Genel Energy slump on Sarta Result

By John Lee. Shares in Genel Energy were trading down 7 percent on Tuesday morning after the company announced disappointing results at the Sarta-5 appraisal well: "Genel Energy plc ('Genel' or 'the Company') announces the following update on the Sarta PSC (30% working interest and operator). "Testing of the Sarta-5 appraisal well has been completed. […]

Nazli Williams steps down as Director of Genel Energy

By John Lee. Genel Energy has announced that Nazli K. Williams has tendered her resignation as a Non-Executive Director of the company with effect from 13 April 2022. David McManus, Chairman of Genel, said: "Nazli has been a Director of Genel since the merger with Vallares in 2011. She has provided both valuable contributions and […]

Genel Energy outlines Payments to Govts for 2021

By John Lee. Genel Energy has just published details of its payments to governments for the year 2021: 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 2021 as required under the Disclosure […]

Genel Results: $400m Impairment, but Increased Divi

Genel Energy has announced its audited results for the year ended 31 December 2021. Bill Higgs, Chief Executive of Genel, said: "Our strategy and business model remain focused on cash generation. Prior to the invasion of Ukraine and the associated increase in the oil price, we were well positioned for our free cash flow to […]

Genel Energy Updates its Oil Reserves

By John Lee. Genel Energy plc has updated its oil reserves across its portfolio. Net oil Reserves (MMbbls) 1P 2P 3P 31 December 2020 69.4 117.2 177.2 Production (11.6) (11.6) (11.6) Technical revisions 4.8 (1.4) (28.9) 31 December 2021 62.6 104.2 136.6 International petroleum consultants DeGolyer and MacNaughton, working on behalf of the operator DNO, […]

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 […]