Iraq Business News: Genel Energy Interim Management Statement

Iraq Business News

All the latest business news from Iraq

Genel Energy Interim Management Statement

Nov 2nd 2012, 19:58

Genel Energy has issued its Interim Management Statement for the period from 1 July 2012 to 31 October 2012.

Highlights

2012 production guidance increased to c45,000 bopd following the resumption of export sales in August. Sales revenue guidance for 2012 remains unchanged at c $250 – 300 million
Following the resumption of exports in August, gross production from Taq Taq is now c90,000 bopd, and Tawke c75,000 bopd
Construction of the first phase of the new export pipeline infrastructure in the Kurdistan Region is on track to be completed by the year end
Resource base increased by over 200% from total reserves and unrisked resources of 1.4 bn boe a year ago to 4.4 bn boe today
Acquisition of an additional 26% interest in Miran and a 44% interest in Bina Bawi, will allow Genel Energy to create a material gas position in the Kurdistan Region to meet the growing needs of the Turkish market
Exploration programme to continue throughout 2012 and into 2013: key wells are currently drilling at Tawke Deep and Chia Surkh 10, Taq Taq Deep will spud in Q1 2013
Strong cash position with cash of $0.9 billion
Continuing to pursue further opportunities to deepen resource potential both in the Kurdistan Region and through further acquisitions of high impact exploration assets within the Middle East and Africa

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