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(Alliance News) - Iraq focused oil & gas explorer Genel Energy PLC on Friday maintained its annual production guidance following a "robust" production performance in the first nine months of 2019.
Genel shares were up 3.1% at 196.80 pence each in London on Friday morning.
"Robust production is generating material free cash flow, which we are recycling into low-risk and quick returning projects, with good progress made on delivering key milestones on schedule for both Sarta and Qara Dagh," Chief Executive Bill Higgs said.
The company's net production averaged 36,530 barrels of oil per day in the first nine months of 2019, up 12% year-on-year and in line with guidance.
Production for the three months to September 30 averaged for 34,720 barrels of oil per day, up from 33,700 barrels a year ago, with Tawke licence recording 29,940 barrels per day and Taq Taq 4,780 barrels. Genel owns a 25% working interest in Tawke and 44% in Taq Taq.
Genel has placed 11 wells into production so far and intends to add further five wells during the remainder of 2019.
For 2019, the company said continues to expect net production close to fourth quarter 2018 levels of 36,900 barrels of oil per day. Capital expenditure is predicted towards the top end of the USD150 million to USD170 million range.
Genel said it is committed to growing its dividend. It declared a 5 US cent payout for the six months to June.
"The company continues to actively pursue growth and is assessing opportunities to make value-accretive additions to the portfolio," Genel said.
By Tapan Panchal; tapanpanchal@alliancenews.com
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