Business
Update on Sarta PSC
Update on Sarta PSC.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n\n\nGenel Energy PLC (GENL)\n\n\n\nGenel Energy PLC: Update on Sarta PSC13-Dec-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n13 December 2022\n\n \n\nGenel Energy plc\n\n \n\nUpdate on Sarta PSC\n\n \n\nGenel Energy plc ('Genel' or 'the Company') announces the following update on the Sarta PSC (30% working interest and operator).\n\n \n\nTesting of the Sarta-6 appraisal well has been completed. The well was a six kilometre step out from, and was c.300 metres downdip from, the Phase 1A pilot production area.\n\n \n\n12 intervals were completed for individual, isolated, zonal testing of the Lower Jurassic primary objectives (Mus, Adaiyah, and Butmah) and Middle Jurassic secondary objectives (Garagau, Najmah and Sargelu). The primary Lower Jurassic objectives all flowed formation water only while the Middle Jurassic intervals flowed heavy oil (9-11 API from field measurements) at rates ranging from 500 to 900 bopd, and 1,800 bopd when commingled (surface equipment constrained rate).\n\n \n\nThe potential for longer term development and monetisation of these heavy oil resources will be assessed as part of the joint venture’s view of future Sarta field development. \n\n \n\nFurther capital investment on the licence is contingent on the extent to which there can be confidence that such investment can add cash generative production. Following the results of the two appraisal wells and ongoing pilot production, with field production averaging 4,000 bopd for Q4 to date, it is clear that initial field expectations are unlikely to be met, and hence Genel will be required to undertake an impairment review of the carrying value of the asset. \n\n \n\n-ends-\n\n \n\nFor further information, please contact: \n\n \n\n\n Genel Energy\n\n Andrew Benbow, Head of Communications\n \n \n +44 20 7659 5100\n \n \n \n \n \n \n \n \n Vigo Consulting\n\n Patrick d’Ancona \n \n \n +44 20 7390 0230\n \n \n\nThis announcement includes inside information.\n\n \n\nNotes to editors:\n\nGenel Energy is a socially responsible oil producer listed on the main market of the London St...