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WKN: A1JBXU | ISIN: JE00B55Q3P39 | Ticker-Symbol: 4VL
Frankfurt
21.11.24
08:15 Uhr
0,975 Euro
+0,017
+1,77 %
1-Jahres-Chart
GENEL ENERGY PLC Chart 1 Jahr
5-Tage-Chart
GENEL ENERGY PLC 5-Tage-Chart
RealtimeGeldBriefZeit
0,9791,02622:39
0,9901,00820:25
Dow Jones News
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Genel Energy PLC: Trading and operations update

Finanznachrichten News

DJ Genel Energy PLC: Trading and operations update

Genel Energy PLC (GENL) 
Genel Energy PLC: Trading and operations update 
09-May-2024 / 07:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
9 May 2024 
 
Genel Energy plc 
Trading and operations update 
 
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2024, 
ahead of the Company's Annual General Meeting, which is being held today. 
 
Paul Weir, Chief Executive of Genel, said: 
"We have achieved balanced income and expenditure in the first quarter of the year, which is ahead of schedule. Local 
sales from the Tawke licence have been robust to date, with the sales price increasing marginally and demand staying 
strong, and we continue to expect income to cover our spend over the course of the full year. Local sales volumes going 
forward will continue to be dependent on demand, the view of the field partners on reservoir management, and whether 
investment would be cost effective and deliver value to shareholders. 
 
The business is in a robust financial position, with multiple potential catalysts for the delivery of significant 
shareholder value ahead." 
 
FINANCIAL 
   -- Cash of USD372 million at 31 March 2023 (USD363 million at 31 December 2023) 
   - The positive improvement in cash is principally caused by temporary deferral of payables and other 
    positive working capital movements 
   - Following the first of the USD11 million bi-annual bond interest payments in April, cash at the end of 
    April is USD361 million 
   - We expect our costs to be covered by income for the remainder of the year 
 
   -- Net cash under IFRS of USD128 million at 31 March 2024 (USD120 million at 31 December 2023) 
   - Total debt of USD248 million at 31 March 2024 (USD248 million at 31 December 2023) 
 
 
PRODUCTION AND OPERATIONS 
   -- Zero lost time incidents in 2024 to date, with four and a half million hours worked since the last 
  incident 
   -- Gross production of 76,310 bopd in Q1 2024 (65,770 bopd in Q4 2023), all from the Tawke licence, where 
  local sales demand remains robust 
   - Net production of 19,080 bopd in Q1 2024 (16,440 bopd in Q4 2023) 
 
   -- Following negotiation with local buyers, the sales price from the Tawke licence has been raised to the 
  upper-USD 30s per barrel level 
 
ARBITRATION 
   -- The London-seated international arbitration process, which includes Genel's claim for substantial 
  compensation from the KRG following the termination of the Miran and Bina Bawi PSCs, is ongoing. Written closing 
  submissions will now be made next week, subsequent to which written reply submissions will be made in the first 
  half of June. The timing of the result is uncertain, but is expected by the end of 2024 
 
OUTLOOK 
   -- Genel continues to expect net cash to remain well above USD100 million throughout 2024 
   -- Talks between stakeholders regarding the Iraq-Türkiye Pipeline are ongoing, although the timing of the 
  resumption of exports remains uncertain 
 
-ends- 
 
 
For further information, please contact: 
 
Genel Energy 
                    +44 20 7659 5100 
Andrew Benbow, Head of Communications 
 
Vigo Consulting 
                    +44 20 7390 0230 
Patrick d'Ancona 

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). Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com

----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

ISIN:     JE00B55Q3P39, NO0010894330 
Category Code: TST 
TIDM:     GENL 
LEI Code:   549300IVCJDWC3LR8F94 
Sequence No.: 320346 
EQS News ID:  1899141 
 
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1899141&application_name=news

(END) Dow Jones Newswires

May 09, 2024 02:00 ET (06:00 GMT)

© 2024 Dow Jones News
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