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 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 […]
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, […]
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 […]
Genel Energy announced on Tuesday that Esa Ikaheimonen (pictured), Chief Financial Officer, has advised the Board of his intention to leave the company on 16 March 2022, following the announcement of the Company's 2021 financial results the day before. In a statement, the company said that a search for a suitable replacement is ongoing and […]
Genel Energy has announced that drilling operations on the QD-2 well at Qara Dagh (40% working interest and operator) have been suspended. As previously stated, the well had been side-tracked in response to encountering more complex geology above the target reservoir than expected. Two further side-tracks have been initiated, but the licence partners have now […]
By John Lee. Genel Energy has announced the appointment of Yetik Mert (pictured) as an Independent Non-Executive Director, with immediate effect. Yetik has almost 40 years' technical, commercial, business development, and general management experience, including holding executive and non-executive Directorship roles across the energy utility and industrial sectors in MENA, CEE and the USA. Yetik […]
By John Lee. The Kurdistan Regional Government (KRG) has responded to the statement on Friday by Genel Energy regarding the production-sharing contracts (PSCs) at Bina Bawi and Miran. The KRG strongly denies that it is in repudiatory breach of the PSCs, and denies that Genel is entitled to any compensation. It adds that it will […]
Shares in Genel Energy opened down more than five percent on Friday morning, before recovering some ground, after the company said it will claim compensation from the Kurdistan Regional Government (KRG). It says the claims, which relate to KRG's intention to terminate the Bina Bawi and Miran production sharing contracts (PSCs) are "substantial", and will […]
Shares in Genel Energy were trading down 3.5 percent on Thursday morning following the company's trading and operations update in respect of the third quarter and first nine months of 2021. The company said it now expects production in the year to be slightly below the 2020 average of 31,980 bopd. Bill Higgs, Chief Executive […]
By John Lee. Shares in Genel Energy fell more than 15 percent in mid-morning trading after the company announced that the Kurdistan Regional Government (KRG) intends to terminate its contracts at Bina Bawi and Miran. In a statement, the company said: "Genel has received notice from the Ministry of Natural Resources of the Kurdistan Regional […]
By John Lee. Genel Energy has increased its interim dividend, announced in its unaudited results for the six months ended 30 June 2021: Bill Higgs, Chief Executive of Genel, said: "Genel continues to deliver on its strategy and demonstrate the merits of its business model. Capital investment made last year, despite the low oil price […]
