Genel Energy generating 'meaningful free cash flow'
Source - SMW
Genel Energy said it continued to generate meaningful free cash flow in the third quarter.
Chief executive Murat Ozgul said: 'During the quarter Genel executed a landmark settlement agreement with the KRG over historical receivables, which we expect to materially enhance our cash flows going forward.
'Ahead of those payments commencing we continued to generate meaningful free cash flow, resulting in a further 13% reduction in net debt during the period.
'Our operations in the Kurdistan Region of Iraq are progressing as normal - exports are continuing from Taq Taq and Tawke, payments are being received on time, and operations are proceeding at both fields, with testing now underway on the TT-29w well.'
Q3 net production averaged 33,810 bopd, with production for the nine months ending September averaging 36,030 bopd.