DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 20.11 million from the Kurdistan Regional Government for March crude oil deliveries to the export and local markets from the Tawke field under the payment arrangement announced earlier this year. The funds, to be shared pro-rata by DNO and partner Genel Energy […]
Genel Energy has announced that the Taq Taq field partners have received a gross payment of $19.88 million from the Kurdistan Regional Government ('KRG') for oil sales during March 2016. Genel's share of the gross Taq Taq payment is $10.93 million. As agreed with the KRG, sales into the local market and deliveries to the […]
By John Lee. The Chairman and former CEO of Genel Energy is reportedly planning to set up an investment fund to buy distressed oil and gas assets. The Sunday Times reports that Tony Hayward (pictured) has held talks in recent weeks with potential backers including private equity firms and sovereign wealth funds in the Middle East. […]
By John Lee. Genel Energy has decided to repurchase a nominal amount of USD 55.4 million of Bonds in connection with the Buy-Back Offer announced last week. The company will pay 63 percent of par value plus accrued unpaid interest. Settlement of the repurchases will occur on 30th March 2016. Shares in the company closed […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 13.46 million from the Kurdistan Regional Government for February crude oil deliveries to the export and local markets from the Tawke field under the payment arrangement announced earlier this year. The funds, to be shared pro-rata by DNO and partner Genel Energy […]
By John Lee. Genel Energy plc has announced that the Taq Taq field partners have received a gross payment of $12.6 million from the Kurdistan Regional Government ('KRG') for oil sales during February 2016. Genel's share of the gross Taq Taq payment is $6.9 million. As agreed with the KRG, sales into the local market […]
Genel Energy has announcing a reverse tender offer to holders of Genel Energy Finance plc's USD 730 million GENEL01 PRO senior unsecured callable bonds (ISIN NO0010710882). The Company intends to offer one repurchase price at which all relevant Bonds are to be repurchased. The Repurchase Price will be determined through a reverse book-building ("Dutch auction"). […]
By John Lee. Anglo–Swiss commodity trader Glencore has reportedly paid Iraqi Kurdistan $300 million as an advance for oil shipments. Anonymous sources told Reuters that the company made a prepayment in recent days, and will start receiving crude from mid-year. The Kurdistan Regional Government (KRG) said on Monday it had received $100 million in February […]
Genel Energy has announces its audited results for the year ended 31 December 2015, in which it declared its biggest-ever annual loss of $1.16 billion: Key figures 2015 revenue of $344 million, down 34% due to the fall in the oil price more than offsetting higher production volumes 2015 production of 84,900 bopd, an increase […]
By John Lee. Shares in Genel Energy fell by more than 40 percent on Monday after the firm announced a 75 percent reduction in proven and probable (2P) reserves for its Taq Taq field, in which it has a 44 percent working interest. According to a statement from the company: The results of this internal […]
Genel Energy has announced that Jim Leng has indicated his intention to retire from the Board of Genel at the AGM in April 2016. Jim Leng has served over five years at Genel as Non-Executive Director, Senior Independent Director and as Chairman of the Remuneration Committee. Following his appointment in December 2015 as Non-Executive Chairman […]
By John Lee. Genel Energy (GENL.L) will resume drilling at its Taq Taq oilfield in the coming weeks. Genel CFO Ben Monaghan told Reuters that the restart of drilling work will mark the first time in more than a year that Genel has drilled in the region. "It's a symbolic restart of our investments," he added. […]
