(Alliance News) - Genel Energy PLC on Thursday said the Tawke production sharing contract in Kurdistan "continues to deliver consistent, reliable production" as gross production increased in the first quarter.
The oil & gas company with production assets in the Kurdistan region said gross production from the Tawke licence increased 11% to 82,081 barrels of oil per day from 74,140 bopd in the final quarter of 2024.
It said the quarterly sales price has been consistent with the previous quarter at around USD35 per barrel.
Genel said its free cash flow in the first quarter was USD5 million, compared to a USD1 million free cash outflow in the fourth quarter of 204.
Looking ahead, Genel said Tawke free cash flow at current production and prices is expected to continue to cover organisational costs, with net cash at year-end expected to be around the same as the start of the year.
It said talks between the Kurdistan Regional Government and the Federal Government of Iraq regarding the Iraq-Turkey pipeline are ongoing, but no material progress has been made since March and the timing of the resumption of exports remains uncertain.
Chief Executive Paul Weir said: "In line with expectations, the Tawke PSC continues to deliver consistent, reliable production and generate significant cash flow even at the discounted domestic sales prices. The operational performance delivered from the Tawke and Peshkabir fields, together with the significant cost efficiency, continues to set these fields apart from others in the region."
All resolutions were passed at the company's annual general meeting on Thursday.
Genel said it will "take note of the voting and engage with shareholders," as substantial votes were cast against ten of the resolutions.
Around a third of votes were cast against resolutions to grant approval of the annual report on remuneration, to give the company authority to make political donations and expenditure and to re-elect Umit Tolga.
A slightly smaller number of shareholders, 32%, voted against resolutions to authorise the purchase of shares and for directors to set the auditor's fees.
Other resolutions which saw substantial votes against were to re-elect David McManus, Paul Weir, Dominick Chilcott, Canan Ediboglu and Yetik Mert as non-executive directors.
Shares in Genel Energy closed up 2.1% at 53.40 pence in London on Thursday.
By Michael Hennessey, Alliance News reporter
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Genel Energy (GENL)
