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Genel Energy PLC: Taq Taq PSC reserves update

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Genel Energy PLC (GENL)
Genel Energy PLC: Taq Taq PSC reserves update

12-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.

12 February 2019

Genel Energy plc

Taq Taq PSC reserves update

Genel Energy ('Genel' or 'the Company') announces that McDaniel and
Associates ('McDaniel') has completed the competent person's report ('CPR')
relating to the oil reserves at Taq Taq as at 31 December 2018.

Field performance in 2018, and notably the success of the TT-29w well
drilled on the northern flank of the field, has led to an upwards technical
revision of reserves, resulting in a 62% reserves replacement at the 1P
level.

This revision does not take into account the recent positive results from
the TT-32 well, which completed in 2019 and is currently adding over 3,000
bopd to field production.

Drilling in 2019 is targeting opportunities on the flanks of the field, with
the TT-20z well nearing completion and three others then to follow. Should
the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a
significant year-on-year production increase, with room for further growth
in 2020.

Taq Taq oil reserves

Gross oil reserves (MMbbls - McDaniel) 1P 2P 3P
31 December 2017 22.8 54.7 90.1
Production (4.5) (4.5) (4.5)
Technical revisions 2.8 0.3 1.2
31 December 2018 21.1 50.5 86.8

The Company expects to announce CPR reports for other assets in the
portfolio prior to the announcement of full-year results on 20 March 2019.

-ends-

For further information, please contact:

Genel Energy +44 20 7659 5100

Andrew Benbow, Head of Communications

Vigo Communications +44 20 7830 9700

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].

Disclaimer

This announcement contains certain forward-looking statements that are
subject to the usual risk factors and uncertainties associated with the oil
& gas exploration and production business. Whilst the Company believes the
expectations reflected herein to be reasonable in light of the information
available to them at this time, the actual outcome may be materially
different owing to factors beyond the Company's control or within the
Company's control where, for example, the Company decides on a change of
plan or strategy. Accordingly no reliance may be placed on the figures
contained in such forward looking statements.

ISIN: JE00B55Q3P39
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 7454
EQS News ID: 774771

End of Announcement EQS News Service


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=774771&site_id=vwd_london&application_name=news


(END) Dow Jones Newswires

February 12, 2019 02:02 ET ( 07:02 GMT)
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12.02. Genel Energy PLC: Taq Taq PSC reserves update
11.02. Genel Energy PLC: Tawke PSC reserves update
07.02. Genel Energy PLC: Update on Tawke PSC
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