Genel Energy boosts production and maintains 2014 guidance

3rd Jul 2014 10:56

Kurdistan oil producer Genel Energy reported higher production and maintained its 2014 guidance, saying its operations were secure amid unrest in Iraq.Genel, whose Chief Executive is former BP boss Tony Hayward, said its net working interest production averaged 63,000 barrels of oil equivalent per day (boepd) in the first half of 2014, up by half on the first six months of 2013.Gross production from its Taq Taq site averaged 92,000 barrels of oil per day (bopd) in the first half of 2014 and 113,000 bopd in June, while gross production from its Tawke site averaged 84,000 bopd in the first half of 2014 and 116,000 bopd in June.It said it was maintaining 2014 production guidance at 60-70,000 boepd and its revenue guidance at $500m-$600m."Genel's operations in the Kurdistan Region of Iraq (KRI) remain safe and secure," Genel said in a trading update.It added that first exports by the Kurdistan regional government via the new KRI-Turkey pipeline infrastructure began in May.The group, which also has exploration in the KRI, Malta and Angola, said tests at its Tag Taq deep well in the KRI showed minor non-commercial rates of oil and gas due to the tight nature of the reservoirs, but it is being completed as a producer in the Cretaceous Shiranish reservoir.It plugged and abandoned its Hagar Qim-1 well off the coast of Malta after it came up dry, with the rig now moving to another prospect near Morocco.Shares in Genel fell 1p to 1,022p at 09:28 in London.PW