TIDMGENL

RNS Number : 9774V

Genel Energy PLC

09 November 2017

9 November 2017

Genel Energy plc

Update on Sidi Moussa licence

Genel Energy plc ('Genel' or 'the Company') has come to an agreement with the Moroccan government over the nature, scope and timing of the activity related to the remaining exploration commitment on the Sidi Moussa offshore licensed acreage.

Under the terms of the agreement, Genel's previous commitment to drill one well on the licence has been replaced by an undertaking to carry out a 3D seismic campaign across the Sidi Moussa acreage. Planning has commenced, with seismic acquisition expected to begin in 2018. The current phase of the licence has been extended until February 2020.

The 3D seismic is expected to materially de-risk the prospectivity of the Sidi Moussa licence.

In Q4 2014 a well on the licence, SM-1, proved a working hydrocarbon system, with 26 degree API oil recovered to surface.

-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

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 gas 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 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

AGRDVLFBDFFZFBX

(END) Dow Jones Newswires

November 09, 2017 02:00 ET (07:00 GMT)

Genel Energy (LSE:GENL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Genel Energy Charts.
Genel Energy (LSE:GENL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Genel Energy Charts.