Business
AGM Statement
AGM Statement.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nGenel Energy PLC (GENL)Genel Energy PLC: AGM Statement16-May-2019 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n16 May 2019\n\n \n\nGenel Energy plc\n\n \n\nAGM Statement\n\n \n\nStephen Whyte, Chairman of Genel Energy plc ('Genel' or 'the Company'), will give the following update on the business at the Company's Annual General Meeting, which is being held at 11.00am today at Taj Hotel, St James' Court, 54 Buckingham Gate, London, SW1E 6AF:\n\n \n\n\"Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. \n\n \n\n2019 has seen us continue this success. We are delivering year-on-year production growth, we have made portfolio additions that perfectly complement our existing asset base, and our cash position continues to strengthen. \n\n \n\nGenel is participating in 20 wells this year, the most of any IOC in the Kurdistan Region of Iraq ('KRI'). Drilling on the Tawke and Peshkabir fields is ongoing, with activity ramping up as we progress through 2019. Year to date production from the Tawke PSC is currently c.126,800 bopd, with Peshkabir driving impressive growth compared to the prior year's period.\n\n \n\nThe drilling programme at Taq Taq has now delivered three successful wells, and year to date production is currently c.13,300 bopd, an increase from the 2018 average of 12,350 bopd. We are continuing to achieve successful results from the flanks of the field, and are drilling ahead at pace.\n\n \n\nTotal Genel working interest production across all assets is 37,600 bopd, running slightly ahead of our expected 10% increase in year-on-year production. \n\n \n\nEven as we invest to deliver this production increase we continue to improve our cash position, generating almost $50 million in free cash flow in the first four months of the year. We expect to keep up this impressive run rate. Our current expectation is that we will generate well over $100 million in free cash flow over the course of 2019, prior to the payment of the dividend, even after increasing expenditure on our growth opportunities.\n\n \n\nThe results at Peshkabir show the significant success that can be obtained f...