Genel Energy PLC: Update on Taq Taq PSC (798651)
April 11 2019 - 2:01AM
UK Regulatory
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Genel Energy PLC (GENL)
Genel Energy PLC: Update on Taq Taq PSC
11-Apr-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.
11 April 2019
Genel Energy plc
Update on Taq Taq PSC
Genel Energy plc ('Genel') is pleased to announce an update on activity at
the Taq Taq field (Genel 44% working interest), as testing of the TT-20z
well has now completed.
The well has entered production at an initial rate of 2,000 bopd with a
24/64" choke, and this figure is expected to rise. With the inclusion of
this production, gross production from the Taq Taq field is currently
c.15,500 bopd, with Genel's overall net production now c.39,000 bopd.
The well flowed oil from all three zones tested, with a maximum combined
flow rate of c.4,000 bopd with a 40/64" choke.
The well is further proof of the remaining potential on the flanks of Taq
Taq field. With Taq Taq wells an attractive capital allocation option, the
rig has moved to drill the TT-33 well, on the southern flank of the field.
The well was spudded on 25 March, and is expected to take 90 days to
complete.
-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.: 8170
EQS News ID: 798651
End of Announcement EQS News Service
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April 11, 2019 02:01 ET (06:01 GMT)
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