KeyfactsEnergy

Genel Energy

Contacts

Genel Energy plc
1 Grafton Street
City of Westminster
London
W1S 4FE
United Kingdom

Tel: +44 (0)20 7659 5100
info@genelenergy.com

Description

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange.

The Company, with headquarters in London and offices in Ankara and Erbil, is the largest holder of reserves and resources in the Kurdistan Region of Iraq, where it operates the Taq Taq and Tawke oil fields, in which it owns 44% and 25% stake respectively.

In the same region it is also planning a drilling campaign at the Qara Dagh field where it envisages some 200mln barrels of crude, while the Sarta field, where it has partnered with US giant Chevron, is set to see a mid-2020 startup date.

It also has exploration acreage in Morocco, at the offshore Sidi Moussa licence, and Somaliland, where it recently bought out its partner East Africa Resource Group in the SL10B13 onshore block, estimated to hold around 200mln barrels of oil.

OPERATING PERFORMANCE

2019 net production averaged 36,250 bopd (2018: 33,690 bopd), in line with guidance and an increase of 8% on the prior year
Q4 averaged 35,410 bopd, an increase from 34,720 bopd in Q3
19 new wells were brought onto production in 2019 across all assets

Production by asset was as follows:

(bopd)	Gross production 2019	Net production 2019	Net production 2018
Tawke PSC	123,940	30,990	28,260
Taq Taq	11,960	5,260	5,430
Total	135,900	36,250	33,690

CAPEX

2020 capital expenditure is expected to be $160-200 million, of which $120-150 million will be cost recoverable spend on assets on production in 2020. Other spend includes:

c.$35-40 million on the Qara Dagh 2 well
Under $10 million maintenance expenditure at Bina Bawi and Miran. Capital expenditure expectations for Bina Bawi in 2020 will be updated once legal agreements with the KRG have been signed
Under $2 million on African exploration assets
Operating costs per barrel expected to be $3/bbl, amongst the lowest in the industry
Opex: c.$40 million
G&A: c.$15 million

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