Genel Energy said it had the solid platform and financial flexibility needed to execute its growth plans during 2018 and beyond. Genel said a strong final quarter of 2017 completed a very positive year for the company. It said 2017 net production averaged 35,200 bopd, with Q4 averaging 32,760 bopd. Genel said combined net production from the Tawke and Taq Taq PSCs during 2018 was expected to be close to Q4 2017 levels. Chief executive Murat Ozgul said: 'During the quarter, the successful Peshkabir-3 well result tripled production at the field to c.15,000 bopd, a figure that is expected to grow in 2018, while at Taq Taq the TT-29w well was brought on production. 'Payments for oil sales were received from the Kurdistan Regional Government in every month of 2017, totalling over $260m net to Genel and leading to $140m of free cash flow in the year. 'The 2017 payments were bolstered by the receipt of override payments in the fourth quarter under the receivable settlement agreement, and payments have continued in early 2018. 'The recently announced CPRs reaffirmed the potential of the Bina Bawi and Miran fields, with combined 1C gross raw gas resource estimates higher than the gas volumes agreed under the gas lifting agreements. 'The upstream field development plans are expected to complete shortly, and will help define the roadmap to unlocking the value in these major resources. 'The successful debt refinancing in late 2017, and the expectation of ongoing material free cash flow, provides us with a solid platform and financial flexibility to execute our growth plans during 2018 and beyond.'
+7.60p (+6.31%)delayed 17:30PM