Genel Energy PLC: Trading and operations update
Genel Energy PLC (GENL) 4 November 2021
Genel Energy plc
Trading and operations update
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of the third quarter and first nine months of 2021.
Bill Higgs, Chief Executive of Genel, said: "Genel's low-cost and high-margin production continues to generate material positive cash flow which, coupled with our confidence in predictable payments going forward, allows us to further invest in our growth assets with sufficient surplus to support our competitive and progressive dividend, with the interim dividend increased by 20%.
I am pleased that drilling is back underway at Tawke, and drilling operations at Peshkabir, Sarta, and Qara Dagh are ongoing. We continue to work hard to deliver results from the appraisal programmes at Sarta and Qara Dagh, and remain excited about their potential, although disappointed that the testing programme will be later than we had forecast due to a combination of geological and operational challenges, supply chain issues, and well approval delays."
FINANCIAL PERFORMANCE
OPERATING UPDATE
PRODUCTION ASSETS
Sarta (30% working interest)
PRE-PRODUCTION ASSETS
ESG
OUTLOOK
-ends-
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This announcement includes inside information.
Notes to editors: Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Taq Taq and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. 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.
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ISIN: | JE00B55Q3P39, NO0010894330 |
Category Code: | TST |
TIDM: | GENL |
LEI Code: | 549300IVCJDWC3LR8F94 |
Sequence No.: | 125963 |
EQS News ID: | 1246071 |
End of Announcement | EQS News Service |
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