Tawke update30 Jul 2020 08:04
Genel Energy PLC: Update on Tawke PSC
30/07/2020 7:00am
UK Regulatory (RNS & others)
Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
30-Jul-2020 / 07:00 GMT/BST
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30 July 2020
Genel Energy plc
Update on Tawke PSC
Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC
(Genel 25% working interest), has today issued an update on licence
activity.
Gross production from the Tawke licence averaged 102,000 bopd during the
second quarter of 2020, of which the Tawke field contributed 58,100 bopd and
the Peshkabir field 43,900 bopd. Taken together, this is a reduction of 11%
from the first quarter, as the operator halted development activity to
preserve cash at a time of historically low and uncertain oil prices.
In June 2020, following the stabilisation of oil prices and export payments,
a Tawke licence well intervention campaign was fast-tracked, quickly adding
an incremental 15,000 bopd month-on-month to raise average July 2020
production to 115,000 bopd.
The Peshkabir-to-Tawke gas reinjection project (the first enhanced oil
recovery project in Kurdistan) was commissioned in June, and aims to unlock
additional oil reserves at Tawke while significantly reducing gas flaring at
Peshkabir.