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Genel Energy PLC (GENL)

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Tuesday 17 July, 2018

Genel Energy PLC

Update on Tawke PSC

Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC

17-Jul-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


17 July 2018

 

Genel Energy plc

 

Update on Tawke PSC

 

Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today announced a two-thirds increase in production from the Peshkabir field in the Tawke licence in the Kurdistan Region of Iraq to 25,000 bopd following completion of the Peshkabir-4 well testing program.

 

The well has been placed on production at a rate of 10,000 bopd through a 72/64" choke with 790 psi wellhead pressure through temporary, capacity-constrained test facilities and the oil trucked to Fishkhabur for export.

 

The Peshkabir-4 well was designed as a high angle well to assess the central part of the structure four kilometres west of the Peshkabir-3 well and drilled to a measured depth of 3,525 meters, including a 1,150 meter extended reach reservoir section. A total of 11 zones were tested and flowed between 1,500 bopd and 7,000 bopd per zone.

 

The next well in the 2018 field development campaign, Peshkabir-5, has been drilled seven kilometres west of Peshkabir-3 and has successfully proved the westward extension of the field. Completed in June, it is currently undergoing final testing; a total of four zones have been tested so far and flowed between 4,000 bopd and 7,500 bopd per zone. This well will be brought onstream in August and the operator, DNO, expects to reach and surpass its previously announced summer 2018 Peshkabir production target of 30,000 bopd.

 

Two other wells, Peshkabir-6 and Peshkabir-7, are drilling ahead at 3,900 meters and 3,100 meters, respectively. Peshkabir-6, a near vertical well, will explore the field's deeper Triassic formation and establish the Cretaceous oil/water contact level. Peshkabir-7 is a high angle producer well located between Peshkabir-4 and Peshkabir-5. 

 

The Peshkabir field was brought on production in 2017 and two drilled wells last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined rate of around 15,000 bopd.

 

The Tawke licence contains the Tawke and Peshkabir fields. Together, output from the two fields has averaged 106,000 bopd year-to-date.

 

Murat Özgül, Chief Executive of Genel, said:

"Peshkabir continues to exceed our expectations. As the field is part of the Tawke PSC, these are high-value barrels to Genel that benefit from the Receivable Settlement Agreement and will further bolster our free cash flow generation, which is currently over $10 million a month.

 

With five of the six 2018 wells at Peshkabir yet to be completed, and wells set to be drilled on both the Tawke and Taq Taq fields in the second half of the year, we have significant opportunities ahead."

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Communications

Patrick d'Ancona 

+44 20 7390 0230

 

This announcement includes inside information.

 

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, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.

 



ISIN: JE00B55Q3P39
Category Code: MSCH
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 5753
EQS News ID: 705111

 
End of Announcement EQS News Service

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