Genel Energy PLC: Update on Kurdistan production (1594997)

Genel Energy PLC (GENL) Genel Energy PLC: Update on Kurdistan production 29-March-2023 / 07:42 GMT/BST

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29 March 2023

Genel Energy plc

Update on Kurdistan production

Genel Energy plc ('Genel' or 'the Company') notes that DNO, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.

DNO has started an orderly shutdown of the Tawke and Peshkabir oil fields in the Kurdistan Region of Iraq, four days after it was instructed to temporarily cease deliveries to the Iraq-Turkey Pipeline. Oil production had previously diverted to storage tanks.

The Tawke and Peshkabir fields averaged combined production of 107,000 barrels of oil per day in 2022, representing a quarter of Kurdistan's total exports. Peshkabir production was halted last night and plans drawn up to conduct deferred maintenance. Tawke production shutdown has started but will take an additional day or so given the much larger numbers of wells spread across some 10 kilometers.

Production from Taq Taq (44% working interest, joint operator) continues to flow into storage, with capacity for approximately three weeks, while there remains storage capacity at Sarta (30% working interest, operator) for several days.

-ends-

For further information, please contact:

Genel Energy 
                                       +44 20 7659 5100 
Andrew Benbow, Head of Communications 
 
Vigo Consulting 
                                       +44 20 7390 0230 
Patrick d'Ancona

Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and a committed dividend programme that is material and sustainable. Genel continues to seek opportunities to add new resilient and cash-generative assets to its portfolio, with the goal of progressing its dividend in the long-term. For further information, please refer to www.genelenergy.com

----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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ISIN:          JE00B55Q3P39, NO0010894330 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  233245 
EQS News ID:   1594997 
 
End of Announcement  EQS News Service 
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March 29, 2023 02:42 ET (06:42 GMT)

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