Genel Energy PLC: Update on Qara Dagh PSC (1264409)
January 05 2022 - 8:09AM
UK Regulatory
Genel Energy PLC (GENL) Genel Energy PLC: Update on Qara Dagh
PSC 04-Jan-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
4 January 2022
Genel Energy plc
Update on Qara Dagh PSC
Genel Energy plc ('Genel' or 'the Company') announces that
drilling operations on the QD-2 well at Qara Dagh (40% working
interest and operator) have been suspended.
As previously stated, the well had been side-tracked in response
to encountering more complex geology above the target reservoir
than expected. Two further side-tracks have been initiated, but the
licence partners have now concluded that it is impractical to
continue the drilling operations from this wellbore in an attempt
to reach the primary objective because of insurmountable technical
problems. The decision has therefore been taken to suspend QD-2,
with the minimum work obligation satisfied.
Licence partners Genel and Chevron will conduct a thorough
evaluation of the QD-2 well and its results in 2022 to inform next
steps on the licence.
Bill Higgs, Chief Executive of Genel, said:
"This has been a very challenging operation, and the decision to
suspend drilling at this stage is prudent. It is of course not the
outcome that we wanted, but the geological case for Qara Dagh
remains intact and attractive. We will work with Chevron to
ascertain the best way forward on the licence. In the meantime we
will continue working with the community on our social initiatives,
as we retain our commitment to the region."
-ends-
For further information, please contact:
Genel Energy
+44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Consulting
+44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is a socially responsible oil producer listed on
the main market of the London Stock Exchange (LSE: GENL, LEI:
549300IVCJDWC3LR8F94). The Company is one of the largest
London-listed independent hydrocarbon producers, with an asset
portfolio that positions us well for a future of fewer and better
natural resources projects. Genel has low-cost and low-carbon
production from the Sarta, Taq Taq, and Tawke licences in the
Kurdistan Region of Iraq, providing financial resilience that
allows investment in growth and the payment of a material and
sustainable dividend, even at a low oil price. Genel also continues
to pursue further growth opportunities. For further information,
please refer to www.genelenergy.com
-----------------------------------------------------------------------------------------------------------------------
ISIN: JE00B55Q3P39, NO0010894330
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 134218
EQS News ID: 1264409
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1264409&application_name=news
(END) Dow Jones Newswires
January 05, 2022 09:09 ET (14:09 GMT)
Genel Energy (LSE:GENL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Genel Energy (LSE:GENL)
Historical Stock Chart
From Oct 2023 to Oct 2024