Genel Energy PLC Tawke reserves update (3949W)
09 February 2017 - 6:06PM
UK Regulatory
TIDMGENL
RNS Number : 3949W
Genel Energy PLC
09 February 2017
9 February 2017
Genel Energy plc
Tawke reserves update
Genel Energy plc notes that DNO ASA, as operator of the Tawke
field (Genel 25% working interest), has today published updated
estimates of Tawke field reserves.
At 31 December 2016, Tawke gross proved (1P) reserves are
estimated by DNO ASA at 348 mmbbls, compared to 387 mmbbls at
year-end 2015.
At 31 December 2016, gross proved plus probable (2P) reserves
are estimated at 504 mmbbls, compared to 543 mmbbls at year-end
2015.
Tawke production in 2016 totalled 39 mmbbls.
At 31 December 2016, Tawke 2C contingent resources are estimated
at 100mmbbls, unchanged from year-end 2015.
At the Peshkabir field, gross 2P reserves at 31 December 2016
stood at 32 mmbbls, all of which is located in the Jurassic
reservoir, discovered in 2012. Peshkabir's 2C resources at 31
December 2016 are estimated at 111 mmboe, of which 104 mmbbls is
oil and 7 mmboe is gas. The Cretaceous discovery at the Peshkabir
field, announced by the Tawke field partners in January 2017, added
48 mmboe of gross 2C resources, which is principally oil. At
year-end 2015, Peshkabir's gross 2C resources stood at 63
mmboe.
The full DNO Annual Statement of Reserves, providing further
context, can be found at www.dno.no
Genel will report full-year 2016 results on 30 March 2017.
-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 7830 9700
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). 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.
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with the oil & gas exploration and production
business. Whilst the Company believes the expectations reflected
herein to be reasonable in light of the information available to
them at this time, the actual outcome may be materially different
owing to factors beyond the Company's control or within the
Company's control where, for example, the Company decides on a
change of plan or strategy. Accordingly no reliance may be placed
on the figures contained in such forward looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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