Genel Energy PLC: Update on Sarta and Qara Dagh (782079)
February 28 2019 - 4:34AM
UK Regulatory
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Genel Energy PLC (GENL)
Genel Energy PLC: Update on Sarta and Qara Dagh
28-Feb-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
28 February 2019
Genel Energy plc
Update on Sarta and Qara Dagh
Genel Energy plc ('Genel' or 'the Company') is pleased to announce that
approval has been given by the Kurdistan Regional Government ('KRG')
regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh
blocks, in the Kurdistan Region of Iraq.
The acquisitions have now closed and Genel therefore has 30% equity in the
Sarta PSC, with Chevron holding 50% and the KRG the remaining 20%. Final
investment decision relating to Sarta phase 1A development has now been
taken.
Phase 1A begins with two wells, recompleting the Sarta-2 well and placing
the Sarta-3 well on production, both of which flowed approximately 7,500
bopd on test, and the construction of a central processing facility with a
20,000 bopd capacity. Another well is expected to follow within twelve
months of first oil, and further production capacity will be added as the
field is developed and production ramps up. First oil is expected in 2020,
with a total cost to Genel estimated at $60 million to the end of 2020.
Genel has booked an initial 10 MMbbls of net 2P reserves relating solely to
this preliminary phase of the project. Unrisked gross mid case resources
relating to the Mus-Adaiyah reservoir only are estimated by Genel at c.150
MMbbls, with overall unrisked gross P50 resources currently estimated by the
Company at c.500 MMbbls.
Genel now holds 40% equity in the Qara Dagh PSC and is the operator, with
Chevron holding 40% and the KRG the remaining 20%. Work is underway on
assessing the optimal location for the Qara Dagh-2 well, which is set to be
drilled in 2020. Unrisked gross mean resources at Qara Dagh are currently
estimated by Genel at c.200 MMbbls.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
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. Genel has highly cash-generative oil production
from the Taq Taq and Tawke licences, with material growth potential from
other assets in the portfolio. Genel also continues to pursue further growth
opportunities. For further information, please refer to www.genelenergy.com
[1].
ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 7653
EQS News ID: 782079
End of Announcement EQS News Service
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(END) Dow Jones Newswires
February 28, 2019 04:34 ET (09:34 GMT)
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