Malcy’s blog today31 Oct 2019 09:53
“Genel Energy
DNO as operator of the Tawke PSC has announced 3Q production of 119,800 bopd slightly impacted by the workover of the P-2 well and the side-track of the P-3 well at the Peshkabir field. By the year end DNO expect it to be averaging 120,000 bopd and maintain that rate into 2020, interestingly cumulative production from the licence is now 300 MMbbls, ‘a significant milestone.
DNO also stated that the Peshkabir-to-Tawke gas project is on track to be delivered in Q1 2020 effectively eliminating flaring and enhancing recover-ability. These numbers and the gas project show just what sort of scale Genel’s business in Kurdistan has, on our recent visit we saw the potential for it to move up significantly again with the Bina Bawi gas and oil project and the Sarta field with Chevron expected next year. Investors should be highly satisfied with a business that has the weight of production to maintain a high capex programme and pay a meaningful dividend that can only give major support to the shares and a base for proper upside potential.”