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Genel Energy plc: Unaudited results for the period ended 30 June 2015

Friday, 07 August 2015 | 00:00
Genel Energy plc ("Genel" or "the Company"), the London listed exploration and production company and largest independent oil producer in the Kurdistan Region of Iraq ("KRI"), announces its unaudited half year results for the 6 months to 30 June 2015.

Highlights

·     Our operations in the Kurdistan Region of Iraq remain safe and secure

·     Strong operational momentum in the KRI resulted in net working interest production for H1 2015 averaging 88,800 bopd, an increase of 41% on H1 2014

·     H1 2015 revenue of $199 million, an increase of 4% on H1 2014

·     c.$50 million of cash proceeds received from domestic KRI sales

·     Capital expenditure in H1 2015 reduced by 70% year-on-year

·     De-risking of the Miran and Bina Bawi development continues, with signed term sheets in place with the Kurdistan Regional Government ("KRG")

·     Cash balances at 30 June 2015 stood at $474 million, resulting in net debt of $216 million

Outlook

·     On 3 August 2015, the KRG issued a statement committing to pay contractors for oil exports on a sustainable basis from September 2015

·     The Company's 2015 guidance is reiterated:

-       Production: 90-100,000 bopd

-       Revenue: $350-400 million on a Brent oil price of $50/bbl

-       Capital expenditure: $150-200 million
 
Murat Özgül, Chief Executive of Genel, said:

"Genel's operating performance in the first half of 2015 was strong, with net working interest production up 41% to 88,800 bopd. In recent days the KRG has made a public commitment to pay international oil companies on a sustainable basis from September 2015. These regular and predictable payments will allow Genel to fully capitalise on our strategic opportunities.

We remain committed to the Kurdistan Region of Iraq and will continue to invest in our existing oil fields while moving our major gas fields forward to development, creating significant value for both Genel and the KRG."
Source: General Energy
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