Genel Energy PLC: Update on Taq Taq PSC

11 April 2019

 

Genel Energy plc

 

Update on Taq Taq PSC

 

Genel Energy plc ('Genel') is pleased to announce an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now completed.

 

The well has entered production at an initial rate of 2,000 bopd with a 24/64" choke, and this figure is expected to rise. With the inclusion of this production, gross production from the Taq Taq field is currently c.15,500 bopd, with Genel's overall net production now c.39,000 bopd.

 

The well flowed oil from all three zones tested, with a maximum combined flow rate of c.4,000 bopd with a 40/64" choke.

 

The well is further proof of the remaining potential on the flanks of Taq Taq field. With Taq Taq wells an attractive capital allocation option, the rig has moved to drill the TT-33 well, on the southern flank of the field. The well was spudded on 25 March, and is expected to take 90 days to complete.

 

-ends-

 

For further information, please contact:

 

Genel Energy Andrew Benbow, Head of Communications	+44 20 7659 5100
Vigo Communications Patrick d'Ancona	+44 20 7390 0230

 

Notes to editors:

 

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.