Genel Energy plc ( Genel or the Company ) issues the following statement relating to the Company s Annual General Meeting ( AGM ), which is being held today. As a reminder, please note that due to current legislation and UK Government guidance relating to COVID-19 prohibiting indoor public gatherings, shareholders must not attend the AGM in person. The information contained herein has not been audited and may be subject to further review.
Bill Higgs, Chief Executive of Genel, said: The addition of production at Sarta and the robust performance of Tawke year-to-date has increased year-on-year production in line with guidance. With a strong balance sheet, our high-potential appraisal drilling campaign is now underway following the spud of the QD-2 well at Qara Dagh. With the increase in oil price and beginning of catch up payments from the KRG, despite our investment in growth and payment of a material dividend, we expect to end 2021 with a material cash position.
Oil price, JOG, Genel, Predator, BPC, Echo. And finally…
JOG has announced results for 2020 this morning and all is as expected, after all much has happened since the year end and the company is on the brink of significant progress on the GBA project.
WTI $65.63 -6c, Brent $68.96 +8c, Diff -$3.33 +14c, NG $2.94 -3c, UKNG 61.36p +1.86p
Oil price
Nothing changes as oil continues to nudge forwards, the EIA inventory stats were fairly similar to the API, crude and distillates saw decent draws, only gasoline disappointed with a small build mainly as refinery runs increased by 1.1% w/w.
Jersey Oil & Gas
Oil price, Genel, IOG, BPC, Predator, Block. And finally… proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.
177.2
International petroleum consultants DeGolyer and MacNaughton assess that, at the Tawke field on the Tawke licence (Genel 25% working interest), gross year-end 2020 1P reserves stood at 173 MMbbls, compared to 176 MMbbls at year-end 2019, after adjusting for production of 21 MMbbls and an upward technical revision of 18 MMbbls. Tawke field 2P reserves stood at 245 MMbbls (261 MMbbls at end-2019) and 3P reserves at 359 MMbbls (376 MMbbls at end-2019).
The Enhanced Oil Recovery project at the Tawke field has started to deliver a positive impact on production. Pending further work on the project, the 23 MMbbls of 2P and 45 MMbbls of 3P gross reserves that DeGolyer and MacNaughton previously included in their figures continues to be maintained by Genel in 2C and 3C resources.
Iraq: Genel Energy announces update on oil reserves and resources
17 Feb 2021
Bill Higgs, Chief Executive of Genel, said: The quality of our reserves is the foundation of our resilient business model, providing us with low-cost production that can generate cash for many years to come. Drilling at Sarta this year has the potential to add to our reserves, with Qara Dagh adding the possibility of opening up another field in the Kurdistan Region of Iraq, as we look to further build our cash generative portfolio for the benefit of all stakeholders.
International petroleum consultants DeGolyer and MacNaughton assess that, at the