Genel Energy PLC: Trading and operations update
Genel Energy PLC (GENL) 3 November 2022
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 2022.
Paul Weir, Chief Executive of Genel, said: “I am pleased that we remain on track to generate around $250 million of free cash flow this year, building towards a significant cash balance of over $500 million by the end of the year. We are focused on putting this cash to work to purchase new assets, grow the business, and increase shareholder returns. It is business as usual on an operational level in Kurdistan, while we continue to work with the KRG on the challenges that the sector faces. Our existing predictable production business outlook supports our established dividend of $50 million, and our committed dividend programme has paid $178 million of cash to shareholders since its inception in 2019.”
FINANCIAL
PRODUCTION BUSINESS
PRE-PRODUCTION BUSINESS
ARBITRATION
ESG
OUTLOOK AND GUIDANCE
Genel will also host a live presentation on the Investor Meet Company platform today at 1000 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Genel Energy PLC via: https://www.investormeetcompany.com/genel-energy-plc/register-investor
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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 Sarta, 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 progressive dividend. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com
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ISIN: | JE00B55Q3P39, NO0010894330 |
Category Code: | TST |
TIDM: | GENL |
LEI Code: | 549300IVCJDWC3LR8F94 |
Sequence No.: | 198511 |
EQS News ID: | 1478067 |
End of Announcement | EQS News Service |
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