RNS10 May 2019 12:38
Genel Energy PLC: Update on Tawke PSC
09/05/2019 10:09pm
UK Regulatory (RNS & others)
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Genel Energy PLC (GENL)
Genel Energy PLC: Update on Tawke PSC
08-May-2019 / 07:02 GMT/BST
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The issuer is solely responsible for the content of this announcement.
8 May 2019
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, containing the Tawke and Peshkabir
fields, averaged 126,759 bopd during the first quarter of 2019.
Tawke production currently averages c.73,000 bopd, and Peshkabir c.54,000
bopd. There is an active 2019 drilling campaign underway at the Tawke and
Peshkabir fields, with a total of up to four Peshkabir wells and up to 14
Tawke wells.
The Peshkabir-9 well was completed and placed on production during the first
quarter. The Peshkabir-10 well was spud in February and will come onstream
shortly. The Peshkabir-11 well will spud later this month. Peshkabir
production averaged 53,830 bopd during the first quarter.
Peshkabir has now generated $1 billion in gross revenue, or four times the
total spend to date.
At the Tawke field, the Tawke-52 Cretaceous well was completed and placed on
production during the quarter. The Tawke-54 Cretaceous well was spud in
February and came onstream in mid-April, and the Tawke-55 Cretaceous well
spud in April. Tawke field production averaged 72,929 bopd during the first
quarter.
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