Genel Energy Regulatory News (GENL)

16 August 2018

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.

As previously stated, production at Peshkabir has more than doubled to 35,000 bopd, following the successful Peshkabir-4 and Peshkabir-5 wells.

Peshkabir-6 and Peshkabir-7, completed in August, are about to undergo rigless test production lasting several weeks. Two more wells are then scheduled in 2018, with Peshkabir-8 to spud in 10 days and Peshkabir-9 to spud in October.

The operator has set a new Peshkabir production target of 50,000 bopd by year-end.

Early production and successful appraisal has raised previous field 1P and 2P reserves estimates. Peshkabir-6 also has the potential to unlock further Cretaceous and Triassic reserves.

With Peshkabir successfully launched, development drilling is set to resume at the flagship Tawke field, where workovers of existing wells have stabilised production above 85,000 bopd.

The operator expects production to also increase at the Tawke field, dependent on the success of new wells in the second half of the year, when two wells will be drilled in the main Cretaceous reservoir and two in the shallow Jeribe reservoir. Engineering work has also begun on the enhanced oil recovery project at Tawke, based on the injection of Peshkabir gas.

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Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.