Business
Genel Energy PLC: Unaudited results for the p...
Genel Energy PLC: Unaudited results for the p....
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGenel Energy PLC (GENL)\n\n\n\n\n\n\nGenel Energy PLC: Unaudited results for the period ended 30 June 2025 05-Aug-2025 / 07:00 GMT/BST\n\n5 August 2025\n\nGenel Energy plc - Unaudited results for the period ended 30 June 2025\n\n \n\nPaul Weir, Chief Executive of Genel, said:\n\n“The Tawke PSC has delivered robust production into consistent domestic market demand in the first half of 2025. Taken together with the cost reductions undertaken in 2024, the core business has generated underlying free cash flow.\n\n \n\nFollowing the successful refinancing of our bond debt in April, our significant cash holding has now increased to $225 million. This strong balance sheet provides both optionality and the funding necessary for the acquisition of new production assets and geographical diversification, which remains a strategic priority for the business.\n\n \n\nWe are excited to have started work on Block 54 in Oman, and plan to begin testing of the discovered hydrocarbon pay zones around the start of next year, with results expected towards the end of the first quarter of 2026. These results will then determine the best approach for assessing the further potential of the licence for value realisation over the next 3 years.\n\n \n\nOver a two-day period in July, the oil operations of a number of international oil companies in the Kurdistan Region of Iraq suffered drone attacks, with Tawke being one of the licences impacted. We are pleased to report that no people were hurt. Recent events in the Middle East had already resulted in a heightened state of security alert in Kurdistan and site manning was minimised. The operator is assessing both the impact and the appropriate forward production plan, with work ongoing to assess damage, minimize presence of staff on location, enhance safety protocols, and carry out repairs necessary for a full restart. We expect the impact of the damage and the deferred production on our cash position to be mitigated by continued focus on control of spend and insurance cover held for incidents such as these. We continue to guide no significant change in net cash at the end of the year.\n\n \n\nWe continue to work with peers and governments towards the resumption of Kurdistan oil exports, and are encouraged by the increased level of engagement bet...