Genel Energy celebrates 'successful year'

(Sharecast News) - Exploration and production outfit Genel Energy boasted of a "successful year" on Thursday ahead of its full-year financial results in March.
Genel revealed it had delivered roughly 36,250 barrels of net oil production per day from the Kurdistan region of Northern Iraq after bringing 19 wells into production during 2019.

The AIM-listed firm also said it had received $317.0m of cash proceeds from Kurdish authorities in 2019 and declared some $42.0m of dividends - comprising a maiden dividend of $27.0m and a further $15.0m paid in January.

Genel wrapped up December 2019 with $387.0m in cash, while its net cash figure stood at $90.0m.

Chief executive Bill Higgs said: "2019 was a successful year for Genel, and we continue to deliver on our promises.

We increased our highly cash-generative production in line with guidance, paid a material dividend, grew our operating capabilities, and added new assets to the portfolio that will bear fruit in 2020."

Higgs added that Genel's increased investment in its growth assets was more than covered by expected free cash flow, and will see production diversify and increase as its Sarta project comes onstream in summer, with enough remaining to underpin an increase in the group's "already significant dividend".

As of 1305 GMT, Genel shares were up 5.70% at 192.80p.