Update on Bina Bawi

RNS Number : 2416J

Genel Energy PLC

03 August 2012

 



3^rd August, 2012

Genel Energy plc

Update on Bina Bawi

On 14 May 2012, Genel Energy plc ("Genel Energy") announced that it intended to acquire a 23 per cent interest in the Bina Bawi exploration licence. The acquisition was to be made through the purchase of all of the share capital of A&T Petroleum Company Ltd (a subsidiary of Petoil Petroleum and Petroleum Products International Exploration and Production Inc.), the holder of the stake (the "Acquisition").

Genel Energy today announces that the Kurdistan Regional Government Oil and Gas Council has approved the Acquisition and that accordingly, the Acquisition has completed. The total paid by Genel Energy for this 23 per cent interest was $175 million.

Tony Hayward, chief executive of Genel Energy said:

"We are pleased that the transaction has now completed, allowing us to acquire an interest in this high-quality acreage in an area immediately adjacent to Taq Taq, one of our major established fields.  Genel Energy remains focused on deepening its interest in the Kurdistan Region and we look forward to the exploration and appraisal programme planned for Bina Bawi for the rest of this year and next."

-ends-

For further information, please contact:

Genel Energy Julian Metherell, Chief Financial Officer Natalie Fortescue, Investor Relations

[phone]

M:Communications Patrick d'Ancona Andrew Benbow

[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. For further information, please refer to www.genelenergy.com

 

END

 

 

MSCQXLBBLVFZBBX