Shares in Genel Energy closed down 14 percent on Tuesday after the company announced a $181-million writedown in the value of its flagship Taq Taq oilfield in Iraqi Kurdistan, in which it has a 44-percent working interest. In a statement, the company said: As previously stated, the Company commissioned an updated Competent Person's Report ('CPR') […]
By John Lee. DNO ASA, the operator of the Tawke field, and its partner Genel Energy, have announced that they have received a payment of $35.45 million from the Kurdistan Regional Government (KRG) as payment towards November 2016 crude oil deliveries to the export market from the Tawke field. The payment reflects full settlement of […]
By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company's full-year 2016 results, which are scheduled for release on 30 March 2017. In the statement (see below), the company said it expects a significant drop in production in 2017. Share were trading down 11 percent on Tuesday. […]
Genel Energy has issued the following update in respect of the Taq Taq field (Genel 44% working interest): The third and final well of the 2016 Taq Taq drilling programme, TT-16y, has been successfully drilled and completed in the main Shiranish reservoir. The well is naturally flowing at c.8,000 bopd. Gross Taq Taq production is […]
By John Lee. Shares in Genel Energy were trading near their all-time low on Thursday, as markets reacted to the company's warning on Wednesday that "2016 revenue is expected to be at the lower end of the previously communicated $200-230 million guidance range". It also said that production levels for the year would come in […]
Genel Energy plc issues the following trading and operations update in respect of Q3 2016. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: "Genel has received $163 million in cash proceeds during 2016, underpinning the drilling of successful production wells […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $23.37 million from the Kurdistan Regional Government ('KRG') for oil sales during July 2016. Genel's net share of the payment is $12.85 million. The payment reflects full settlement of the invoiced amount for July 2016 oil […]
Genel Energy has announced that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government for oil sales during June 2016. Genel's net share of the payment is $13.70 million. The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 […]
Genel Energy has announced that the TT-27x side-track well has been successfully drilled and completed in the Cretaceous Shiranish reservoir at the Taq Taq field (Genel 44% working interest, joint operator). The TT-27x side-track was the first well in the 2016 Taq Taq work programme, which aims to more evenly distribute the production rate over […]
Genel Energy has set out details of the payments made to governments for the year ended 31 December 2015, as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority. The DTRs require companies in the UK and operating in the extractive sector to publicly disclose payments made to governments in the […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a payment of $11 million from the Kurdistan Regional Government for oil sales during April 2016. Genel's net share of the partial payment for April 2016 Taq Taq oil sales is $6.05 million. The payment reflects part settlement of the […]
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 […]
