By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company's half-year 2015 results, which are scheduled for release on 6 August 2015. Tony Hayward, newly-appointed Chairman of Genel, said: "Production has grown rapidly in the first half of the year, increasing 41% year on year, with operational […]
By John Lee. Genel Energy has announced that, as of 12 July 2015, Rodney Chase has resigned from the Company. Tony Hayward (pictured) has been appointed Chairman in his stead. Murat Özgül, previously President, Turkey and KRI, has become Chief Executive, and been appointed to the board. In his role as Chairman, Tony will oversee […]
By John Lee. BlackRock Frontiers Investment Trust has said that the fund's most significant detractors from performance were its Iraqi oil stocks. In its Half-yearly Report, the fund commented: "Although Kurdistan has started exporting oil through it's pipeline to Turkey, the International Oil Companies ("IOCs") are still not receiving payment for these exports which is […]
By John Lee. Genel Energy's chief executive has said he may step down as CEO as early as the end of this year to become Chairman. Reuters reports that Tony Hayward (pictured) also told the FT Commodities Summit in Lausanne, Switzerland, on Wednesday that low oil prices will trigger consolidation in the oil industry in […]
By John Lee. Genel Energy has announced that it has completed its issue of the U.S. $230 million 7.5% senior unsecured bonds due 14 May 2019. As part of the issue of the bonds, Genel Energy Finance 3 plc (as issuer) and Genel Energy plc (as parent) entered into a bond agreement on 9 April […]
By John Lee. Genel Energy has announced that it has priced an issue of U.S. $230 million in senior unsecured bonds due 14 May 2019 on the same commercial terms as the existing GENEL01 PRO U.S. $500 million bond. The Bonds were issued at a market price in line with the trading level of GENEL01 […]
By John Lee. Shares in Genel Energy bounced 4 percent from a long-term low on Thursday morning following the publication of its results for the year ended 31st December 2014. Highlights 2014 revenue of $520 million, an increase of 49% on 2013 2014 EBITDAX of $411 million, an increase of 49% on 2013 2014 production […]
By John Lee. Genel Energy chief executive Tony Hayward said on Tuesday that Iraq's output of crude oil would grow much more slowly than many expect. He told a conference in London that the world has entered a new era of lower oil prices, which would not recover to the $110 a barrel level in […]
Shares in Genel Energy were down 3 percent on Wednesday morning following the company's trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million (36 billion Iraqi dinars) as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Tony Hayward, the chief executive of Genel Energy (LON:GENL), insists Kurdistan, where Genel operates, is a ‘secure and stable’ place to do business despite the threat of terrorism in the region. Ex-BP CEO Hayward […]
