Genel Energy PLC Kurdistan Operational Update (3418M)
12 October 2016 - 7:01PM
UK Regulatory
TIDMGENL
RNS Number : 3418M
Genel Energy PLC
12 October 2016
12 October 2016
Genel Energy plc
Kurdistan Operational Update
Genel Energy plc ('Genel') notes the announcement from DNO ASA,
as operator of the Tawke field, that three new production wells
have been completed at the Tawke field in the Kurdistan Region of
Iraq as part of a stepped up drilling program kicked off in July
2016.
The Tawke-31 well, targeting the main Cretaceous reservoir will
be brought on production following an acid stimulation program. Two
additional wells targeting the shallow Jeribe reservoir, Tawke-33
and Tawke-34, are also being readied for production. A further
Jeribe well, Tawke-37, will be spudded next week. The four wells
are expected to cost less than $20 million in total and add about
10 percent to field output capacity.
Earlier this month the Peshkabir-2 well was spudded, aiming to
appraise the Jurassic reservoir and explore the Cretaceous horizon
on a previous discovery to the west of the main Tawke field. This
well marks the completion of the current drilling program at the
Tawke license which was initiated on the back of monthly export
payments from the Kurdistan Regional Government. Plans to engage a
third drilling rig were dropped in September though the company
expects to re-start investments to boost production to a targeted
level of 135,000 bopd following the resumption of regular and
predictable payments.
Tawke production during the third quarter averaged 109,159 bopd,
of which 108,759 bopd was delivered for export through Turkey.
-ends-
For further information, please contact:
Genel Energy
Phil Corbett, Head of Investor
Relations
Andrew Benbow, Head of Public
Relations +44 20 7659 5100
Vigo Communications
Patrick d'Ancona +44 20 7016 9573
This announcement contains 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). 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 gas fields, the Company is set to be a cornerstone provider
of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel
also continues to pursue further growth opportunities within
the
Middle East and Africa. For further information, please refer to
www.genelenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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