Genel Energy PLC: Update on Tawke PSC

30 July 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 announced that a fourth well has been put on production at the Peshkabir field in the Kurdistan Region of Iraq, pushing total output past the operator's previously published target of 30,000 bopd.

The Peshkabir-5 well is currently producing around 8,000 bopd from three Cretaceous and two Jurassic zones through temporary test facilities and the oil trucked to Fishkhabur for export. Seven Cretaceous zones and two Jurassic zones were flow tested, with individual zones ranging between 3,600 bopd and 7,200 bopd.

The Peshkabir-5 well was designed to appraise the western extension of the field and drilled to a measured depth of 2,918 meters in 57 days at a cost of $12.1 million.

Two other wells, Peshkabir-6 and Peshkabir-7, have now reached target depth of 4,250 meters and 3,750 meters, respectively, and will commence production testing in August.

The Peshkabir field was brought on production in 2017 and the two drilled wells last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined rate of around 15,000 bopd. The Peshkabir-4 well, completed in July, is currently producing around 12,000 bopd.

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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.