Tag Archives | Qara Dagh

Genel Energy "Robust Financial Position"

Genel Energy has issued the following trading and operations update ahead of the Company's Annual General Meeting ('AGM'), which is being held today. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: "Despite the impact of COVID-19 creating a challenging environment […]

Genel Energy Update on Oil Reserves

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 […]

"Successful Year" for Genel Energy

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 […]

Chevron pulls US staff from Kurdistan

By John Lee. Chevron has reportedly removed all of its American oil workers from Iraqi Kurdistan as a security precaution, following the killing of Iranian Quds Force leader Qasem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis. The company currently has interests in the Sarta and Qara Dagh blocks. (Sources: Reuters, CNN)

Genel Energy Production Rises; Shares Up

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 […]

Parker Drilling Wins Contract at Qara Dagh

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, […]

Genel Energy declares maiden Interim Dividend

Genel Energy has announced its unaudited results for the six months ended 30 June 2019. Bill Higgs (pictured), Chief Executive of Genel, said: "These results demonstrate the continued success of our strategy -highly cash generative productionunderpins capital investment in growth opportunities that deliver rapid returns and enables a compelling cash return to shareholders through our […]

Stephen Whyte to step down at Genel Energy

Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company's Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering […]

Genel Energy Shares dip following Results

By John Lee. Shares in Genel Energy were trading down four percent on Wednesday morning after the company announced its audited results for the year ended 31 December 2018, in which it wrote down its Miran asset by $424 million. Despite this, Genel says it can now initiate "a material and sustainable dividend policy", with […]

Genel Energy completes Acquisition of Chevron Fields

By John Lee. Genel Energy has announced that approval has been given by the Kurdistan Regional Government (KRG) regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh (pictured) blocks, in the Kurdistan Region of Iraq. According to a statement from the company, the acquisitions have now closed and Genel therefore has […]

Genel shares Rise on Chevron Iraq Partnership

Shares in Genel Energy were trading up 6 percent on Monday afternoon after the company announced that it has reached agreement to acquire stakes in the Chevron-operated Sarta and Qara Dagh blocks (pictured), in the Kurdistan Region of Iraq. Genel will acquire 30% equity in the Sarta licence by paying a 50% share of ongoing […]

Chevron Resumes Drilling in Kurdistan

By John Lee. Chevron has reportedly announced that it had resumed drilling operations at the Sarta-3 well in Iraqi Kurdistan. The US company temporarily suspended operations in October following the controversial independence referendum, which increased tensions between Baghdad and Erbil. According to Kurdistan 24, it currently operates and holds an 80-percent contractor interest in two […]