Genel Energy has announces its audited results for the year ended 31 December 2019. Bill Higgs, Chief Executive of Genel, said: "The industry is currently facing headwinds that challenge companies to demonstrate their resilience and flexibility. Genel has a business model and strategy designed to shelter us from such extreme circumstances, with low-cost oil production, […]
Genel Energy plc has updated its oil reserves and resources across its portfolio. Bill Higgs (pictured), Chief Executive of Genel, said: "Genel's producing assets are profitable even at an oil price of $30/bbl and this, coupled with our robust balance sheet, supports investment in growth and the payment of a material dividend. The reduction of […]
By John Lee. Genel Energy is reportedly considering whether to expand its operations in Kurdistan and elsewhere. CFO Esa Ikaheimonen (pictured) is quoted as saying that the company has net cash of about $100 million, is open to merger and acquisition opportunities. (Source: Reuters)
Genel Energy has announced the appointment of David McManus as Chairman with immediate effect. Sir Michael Fallon (pictured) has been appointed as senior independent Non-Executive Director, and Tolga Bilgin and Hassan Gozal have also been appointed to the Board as Non-Executive Directors. David McManus has more than 40 years of experience in the oil and […]
By John Lee. Shares in Genel Energy closed Thursday up more than 4 percent after the company issued the following trading and operations update in advance of the Company's full-year 2019 results, which are scheduled for release on 17 March 2020. The information contained herein has not been audited and may be subject to further […]
Genel Energy has announce an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-34 well is nearing completion. The well has produced from all zones tested, at a maximum combined flow rate of over 3,900 bopd with 28/64" choke. With the inclusion of test production, gross production […]
By John Lee. The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks. In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November […]
Following the announcement of 16 May 2019, in which it was stated that Steve Whyte (pictured), Chairman of Genel Energy, would not be standing for re-election at the 2020 Annual General Meeting, the Company announces that Steve has now resigned with immediate effect. George Rose, Senior Independent Non-Executive Director, will act as interim Chairman until […]
Shares in Genel Energy closed up nearly 7 percent on Friday after the company reported increased production in its operations update for the third quarter and first nine months of 2019. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: "We […]
By John Lee. Shares in DNO ASA, the Norwegian oil and gas operator, were trading down 7.5 percent on Thursday morning, after the company reported a net loss for the third quarter. The company reported what it described as strong third quarter revenues of USD 227 million, up 33 percent from a year earlier, on […]
Genel Energy has announced the signing of a contract with Parker Drilling for the drilling of the QD-2 well on the Qara Dagh field (Genel 40% working interest, operator), in the Kurdistan Region of Iraq. The QD-2 well will test the structural crest 10 km to the north-west of the QD-1 well, which tested sweet, […]
By John Lee. Genel Energy has confirmed that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with Dubai-based OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility ('CPF'). OILSERV has been contracted for the facility through a lease agreement. The commissioning […]
