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 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 […]
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. […]
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 […]
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 […]
