Genel Energy Names Higgs CEO
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighboring Miran oil and gas field in March.The company swung to an operating loss of $254.6 million in the year ended Dec.
Genel Energy Posts $254.6 Mln Loss
Iraqi Kurdistan-focused oil producer Genel Energy Plc posted a full-year operating loss of $254.6 million because of write-downs of about $424 million for its Miran PSC field assets.The company also on Wednesday reported full-year production of 33,700 barrels of oil per day (bopd) for the period ended Dec. 31, compared with 35,200 bopd last year.(Reporting by Sangameswaran S in Bengaluru; Editing by Bernard Orr)
Genel Energy Finalises Miran, Bina Bawi Field Documentation
Genel Energy plc has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts ('PSC's) and Gas Lifting Agreements ('GLA's) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the term sheets signed in 2015 by Genel and the Kurdistan Regional Government ('KRG') and reiterated in the Appendix below. With the PSC and GLA terms formally confirmed, Genel will now be able to progress the project.
DNO Makes Cretaceous Oil Discovery at Peshkabir
Genel Energy plc informs that an announcement has been made this morning by DNO ASA, as operator of the Tawke licence (Genel 25% working interest). The Peshkabir-2 well currently drilling on the Tawke PSC has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field. The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 170-metre interval. Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 300 metres.
Payment for KRI oil exports from Tawke field
Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $37.40 million from the Kurdistan Regional Government for oil sales during July 2016. The payment reflects full settlement of the invoiced amount for July 2016 oil sales, and includes $31.37 million toward the monthly entitlement and $6.03 million towards recovery of historical receivables. The payments will be shared pro-rata by DNO and Genel. Tawke production in July averaged 117,992 bopd, of which 117,579 bopd were earmarked for export.
Genel, DNO Receive Payment for Tawke Oil Sales
Genel Energy plc notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $30 million from the Kurdistan Regional Government for oil sales during June 2016. The payment reflects part settlement of the invoiced amount of $38.41 million for June 2016 Tawke oil sales. This figure incorporates $32.21 million towards contractor monthly entitlement and $6.19 million towards recovery of historical receivables. The payments will be shared pro-rata by DNO and Genel. Tawke production in June averaged 114,384 bopd, of which 113,601 bopd were earmarked for export.
Rose to Replace Leng at Genel Energy
Genel Energy plc announces that Jim Leng has indicated his intention to retire from the Board of Genel at the AGM in April 2016. Jim Leng has served over five years at Genel as Non-Executive Director, Senior Independent Director and as Chairman of the Remuneration Committee. Following his appointment in December 2015 as Non-Executive Chairman of Nomura Europe Holdings plc, Jim has decided that now is an appropriate time for him to stand down. We are pleased to announce that George Rose will become Senior Independent Director of Genel following Jim's departure.
Directorate Changes in Genel Energy
Genel Energy plc announces that Sir Graham Hearne has indicated his intention to retire from the Board of Genel Energy at the 2016 AGM. In addition Genel Energy has today appointed Simon Lockett as an independent non-executive director with immediate effect. He will also become a member of the Remuneration and HSSE Committees of the Board. Mr Lockett has significant knowledge and experience of the oil sector including as CEO for the last 9 years of his 20 year career at Premier Oil, an independent exploration and production company.
Genel Receives Payment for KRI Oil Exports
Genel Energy plc announced that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. This represents the fourth export payment by the KRG since payments recommenced in September 2015. Genel's share of the gross Taq Taq payment is $16.5 million.
Genel Energy's Aigle-1X Comes Dry
Genel Energy plc ('Genel') announces that the Aigle-1X exploration well on the CI-508 licence offshore Côte d'Ivoire (Genel 24% working interest) is in the process of being plugged and abandoned after failing to encounter hydrocarbons. The completion of this well concludes Genel's committed Côte d'Ivoire drilling programme.
Genel to Acquire Stake in Bina Bawi Field
Genel Energy plc signed a definitive sale and purchase agreement with OMV to acquire its 36% operated stake in the Bina Bawi field. Completion of the acquisition is subject only to government approval, which is expected shortly. The consideration comprises an upfront payment of $5 million. A contingent payment of $70 million is payable once gas production exceeds agreed threshold volumes from the Miran and Bina Bawi fields. A further contingent payment of $75 million is payable two years after the date of the second payment.
Genel Energy takes Öğütçü on Board
In accordance with Listing Rule 9.6.14, Genel Energy plc announces that Mehmet Öğütçü, independent non-executive director of Genel Energy plc, has been appointed as an independent board member of Sisecam Group, a flat glass, glassware, glass packaging and chemical group.
CFO of Genel Energy to Retire
Julian Metherell has informed the board of Directors of Genel Energy plc of his intention to retire from the Company, with effect from the close of the Annual General Meeting on 21st April 2015. Julian Metherell's successor as Chief Financial Officer will be Ben Monaghan, who is currently the Head of Europe, Middle East and Africa oil and gas investment banking at J.P. Morgan. Ben has worked in the oil and gas team at J.P. Morgan for the last twenty years and has been involved in many of the most significant mergers and acquisitions and debt and equity capital raises in the sector over that time.
Genel Energy Trading & Operations Update
Genel Energy plc issues the following trading and operations update in advance of the Company's full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review. * Gross production from Taq Taq averaged 103,000 bopd in 2014, an increase of 34% on 2013. * Capital expenditure in 2014 is estimated at c.$670 million, split broadly equally between the KRI and Africa. * At 31 December, the net trade receivable with the Kurdistan Regional Government stood at c.$230 million.
UK's Gulf Keystone Petroleum Postpones Interim Statement
British oil producer Gulf Keystone Petroleum Ltd said it had delayed the release of its interim management statement to Nov. 13 as it was in talks with the Kurdistan Regional Government in Iraq. Gulf Keystone returned its staff to the violence-hit Iraqi Kurdistan region earlier this month after evacuating them in August. The company had said production at its flagship Shaikan field was only affected by security threats for a day in August. Gulf Keystone also said it was postponing the release of its statement to co-ordinate with the reporting schedules of other producers in the area.
San Leon Release Interim Results for 1H 2014
San Leon Energy Plc, the AIM listed company focused on oil and gas exploration in Europe and North Africa today announces its interim results for the six months ended 30 June 2014. *Most successful vertical shale frac in Europe to date on the Lewino-1G2 well, and consequent planning of a horizontal multi-frac well and partnering discussions. *Rogity-1, in the oil-prone part of the Baltic Basin, confirms oil recovery from the shales as well as the tight sandstone. A follow-on well is planned. *Considerable interest in the Rawicz conventional field…
San Leon Energy Provides Moroccan Update
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to provide an update on its Morocco acreage. San Leon has acquired Petromaroc’s 1.5% net working interest in the Sidi Moussa licence, offshore Morocco. The drilling of the SM-1 well on the Nour prospect is currently underway by the operator, Genel Energy PLC (“Genel”), for a consideration limited to assuming Petromaroc’s share of expenditure of the Minimum Work Obligations. Serica Energy PLC and Genel have been notified of this transfer.
Genel Energy's Angola Drilling Update
Genel Energy plc ('Genel') announces that the Dilolo-1 exploration well on Block 39 offshore Angola (Genel 7.5% working interest) is in the process of being plugged and abandoned after failing to encounter hydrocarbons. Although further studies are needed in order to fully understand the results, the well has provided a useful calibration for other prospects on Block 39. The Stena Carron drillship will now move to Block 38 (Genel 7.5% working interest) to spud the Jacaré-1 exploration well.
Genel Energy Transaction in Own Shares
Genel Energy plc announces that on 18 August 2014 it purchased from J.P. Morgan Securities plc 155,000 ordinary shares at an average price of 829.7426 pence per share. The purchased shares will be held as treasury shares. Following the above purchase, Genel Energy plc holds 463,168 ordinary shares in treasury, and has 279,785,030 ordinary shares in issue (excluding treasury shares), of which 246,246,729 are voting ordinary shares and 33,538,301 are suspended voting ordinary shares.
Genel Energy's Transaction in Own Shares
Genel Energy plc announces that on 14 August 2014 it purchased from J.P. Morgan Securities plc 153,168 ordinary shares at an average price of 805.0975 pence per share. The purchased shares will be held as treasury shares. Following the above purchase, Genel Energy plc holds 308,168 ordinary shares in treasury, and has 279,940,030 ordinary shares in issue (excluding treasury shares), of which 246,401,729 are voting ordinary shares and 33,538,301 are suspended voting ordinary shares.
