10.10.2018 08:00:03
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Genel Energy PLC: Trading and operations update
Genel Energy PLC (GENL) 10 October 2018
Genel Energy plc
Trading and operations update
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review.
Murat Özgül, Chief Executive of Genel, said: "Genel continues to rapidly increase both production and cash, and is now in a net cash position. Peshkabir is once again exceeding expectations, and drilling on the Taq Taq and Tawke fields provides the potential for working interest production to continue to grow. This can further increase our already material free cash flow generation. With notable opportunities in the portfolio, Genel is well positioned to generate significant shareholder value."
FINANCIAL PERFORMANCE
Q3 2018 OPERATING PERFORMANCE
Note: Difference between production and sales relates to inventory movements
OUTLOOK AND 2018 GUIDANCE
-ends-
For further information, please contact:
This announcement includes inside information.
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. Through its Bina Bawi and Miran fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
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: | QRT |
TIDM: | GENL |
LEI Code: | 549300IVCJDWC3LR8F94 |
Sequence No.: | 6160 |
EQS News ID: | 731931 |
End of Announcement | EQS News Service |
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Genel Energy Plc | 0,77 | -1,29% |