Genel Energy PLC: Update on Sarta PSC (1511157)
December 13 2022 - 1:00AM
UK Regulatory
Genel Energy PLC (GENL) Genel Energy PLC: Update on Sarta PSC
13-Dec-2022 / 07:00 GMT/BST Dissemination 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.
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13 December 2022
Genel Energy plc
Update on Sarta PSC
Genel Energy plc ('Genel' or 'the Company') announces the
following update on the Sarta PSC (30% working interest and
operator).
Testing 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.
12 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).
The 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.
Further 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.
-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
This announcement includes inside information.
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
progressive dividend. Genel also continues to pursue further growth
opportunities. For further information, please refer to
www.genelenergy.com
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ISIN: JE00B55Q3P39, NO0010894330
Category Code: MSCM
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 208028
EQS News ID: 1511157
End of Announcement EQS News Service
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