Genel Energy PLC (GENL) 
Genel Energy PLC: Update on Tawke PSC 
 
27-May-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      27 May 2020 
 
           Genel Energy plc 
 
           Update on Tawke PSC 
 
 Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC 
         (Genel 25% working interest), has today issued an update on licence 
                      activity. 
 
      Gross production at the Tawke licence in the Kurdistan Region of Iraq, 
    containing the Tawke and Peshkabir fields, absent drilling of new infill 
  wells to arrest natural field decline, is expected to average 100,000 bopd 
  in 2020. This reflects a drop from 115,210 bopd in Q1 2020 to 100,000 bopd 
                    in Q2 2020 and 90,000 bopd over the balance of the year. 
 
   The Tawke licence exit rate at year-end 2020 is projected at 85,000 bopd, 
 absent any new wells. The operator believes the reduction in oil production 
   is reversible with a restart of drilling as and when the market recovers. 
  Production continues to be split approximately 55-45 between the Tawke and 
                      Peshkabir fields. 
 
    One active workover rig will shortly be moved for scheduled maintenance. 
However, two third-party rigs remain warm stacked at the Tawke and Peshkabir 
 fields and can quickly be mobilised if oil prices climb and export payments 
                      are regularised. 
 
           -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 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 [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCM 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  66176 
EQS News ID:   1056069 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=1056069&site_id=vwd&application_name=news 
 

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May 27, 2020 02:00 ET (06:00 GMT)

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