Company
LON:GENL
Genel Energy is a socially responsible oil producer with production assets in the Kurdistan Region of Iraq and exploration assets in Oman, Somaliland and Morocco. Genel’s plans for delivery of shareholder value are underpinned by its corporate values and are driven by its strategic goals. Genel’s strategy comprises three objectives designed to build a business with resilient and diversified cash flows that delivers sustainable value to shareholders, and with the aim of restarting the payment of a regular dividend. Objective 1: Strong balance sheet Significant cash balance, appropriate leverage, strategic objectives funded Objective 2: Resilient cash generation Significant 2P reserves, predictable and resilient production, strong and efficient operational performance Objective 3: Investment in new cash flows Well-established and effective process for deal origination and evaluation of production or near-to production assets, cash generative assets with value upside
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Oil price Mixed market views yesterday but overall the outlook looks reasonably good. The Opec report shows that after the 1Q and 2Q nightmare a more positive view of the second half. They see significant growth in 2H with increases in dema
Genel boss Bill Higgs says the Kurdistan-focused oiler is well placed to withstand the consequences of the coronavirus pandemic
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Oil price The oil price boiled over yesterday after the jobs number showed 20m layoffs in the private sector sent Wall Street negative. EIA inventory stats showed a build, admittedly not as big as the whisper which should have helped and a
Drilling equipment has now been stored or demobilised amidst the current challenging market environment
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It was a busy week for London listed small caps as reporting season continued.
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Oil price-TWTMTW That was indeed the month that was, to tenuously keep my thread moving. Although we won’t know until Monday, after the June Brent contract has rolled over, whatever the final numbers it will have been proven to be one of th
Spending on Bina Bawi is presently minimised until tangible progress is made
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Genel Energy (LON:GENL) Genel has received payment for March oil sales from the KRG of $2.5m from Taq Taq net and $8.5m from Tawke. Under new proposals from the KRG during the current oil price situation they will pay monthly invoices 15 da
The Kurdistan Regional Government is deferring outstanding payments, four months’ worth, but, at the same time, has committed to paying new monthly invoices within fifteen days
Shares in the Iraq-based oiler rose by around 5% in Thursday morning's deals
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Genel Energy (LON:GENL): Strong FY19 results, dividend maintained EnQuest (LON:ENQ): Highly leveraged and under-hedged SDX Energy (LON:SDX): Encouraging well result in Morocco 88 Energy (LON:88E): Production hole at Charlie-1 commences
Chief executive Bill Higgs said Genel's business model and strategy is designed to provide shelter from extreme circumstances
The London-listed oil producer moved to update investors on prevailing operations on the eve of financial results for 2019.
David McManus has been appointed as Genel's new chairman, taking over from George Rose who held the interim position
The company received US$4.3mln for its share of Taq Taq field sales and US$7.8mln for Tawke.
"2019 was a successful year for Genel, and we continue to deliver on our promises,” said chief executive Bill Higgs
The addition of new wells supported higher levels of production from the two-field Tawke licence
Business as usual is how it would appear for Genel in the Kurdistan region of northern Iraqi
The well is nearing completion having recorded a maximum combined flow rate of over 3,900 barrels of oil per day
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Great Eastern Energy Corporation* (LON:GEEC): SP Angel site visit to India Genel Energy (LON:GENL) – Steve Whyte to be replaced by George Rose Angus Energy (LON:ANGS): OGA awards Saltfleetby Licence and Operatorship to Angus
Rose replaces Steve Whyte who now leaves the company with immediate effect.
A presentation on the Somaliland opportunity, given last week at the Africa Oil Week conference in Cape Town, is available on the Genel website
The Northern Iraq-focused oiler was bang on target as it lifted production 12% year on year to average 36,530 barrels of crude per day
Cumulative production from Tawke recently reached 300 mln barrels.
The second well at the 200mln barrel oil project is due in the first half of 2020, preparations are presently underway
Genel described Sarta’s Phase 1 project as ‘a low-cost pilot development’, due to start in mid-2020.
The resumption came as the oiler said its current share price “significantly” undervalued its assets
"These results demonstrate the continued success of our strategy."
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A glance at some of the day's highlights from the Proactive Investors newswire
The Kurdistan focussed firm is adding multiple new production wells in the second half of this year.
Investments and investor services
Investors are expecting a cut of 0.25% in the benchmark short-term rate
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A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
A look at the day's major movers, including China New Energy, Pressure Technologies, Remote Monitored Systems, Vela, 1pm, Carpetright, RedT, MOD Resources and Metal Tiger
Bosses think the market is undervaluing the shares, so they are taking advantage of that by buying back up to US$10mln worth of shares
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A glance at some of the day's highlights from the Proactive Investors newswire
"As Genel's operations expand we are growing capability across the company,” said Bill Higgs, Genel chief executive.
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Footsie closed up 39 at 7,259, while mid-cap cousin FTSE 250 went the other direction, shedding over six points to close at 19,065
Iraqi Kurdistan has endured its fair share of troubles in recent years, but a series of economic reforms and the decline of ISIS has put the oil-rich region back on the investment map
Chief operating officer Bill Higgs is now taking over the chief executive role at Genel
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The UK blue-chip index finished down nearly 33 points lower at 7,291
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The Fed released a statement in January that suggested it was no longer sure if it would continue raising borrowing costs, after hiking rates four times in 2018
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DIY stores owner Kingfisher, clothing retailer Next, plus troubled fashion firm Ted Baker will report full-year results, with trading updates due from internet grocer Ocado and online fashion group ASOS
"We are delighted to have been chosen as a partner to Chevron,” said Murat Özgül, Genel chief executive
“An expected year-on-year increase in production means we are set to continue this performance in 2019," said CEO Murat Özgül
The move by Lloyd's marks a change from a previous reluctance by insurance companies to cover the often volatile digital currency sector
It was a busy summer's week for the oil and gas sector, after a couple of weeks of lighter newsflow.
The two previous wells doubled the field's output to 35,000 bopd, now another two wells are ready to come online
"Peshkabir continues to exceed our expectations,” said Murat Özgül, Genel managing director
Payments from the Kurdistan Regional Government (KRG) have remained regular in 2018, and Genel has received more than US$100mln this year, prompting the share price to double
“We are now approaching three years of consistent payments from the KRG.”
“Genel expects to generate sustainable and significant free cash flow going forward"
Investments and investor services
The Kurdistan oil and gas business releases its results on Thursday, while investors will be hoping to see continued momentum for the fashion retailer.
The analyst did, however, deliver his seemingly significant upgrade with a hint of caution highlighting that his current view of Genel should be seen as a trade rather than a “conviction call”
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The week ahead includes policy announcements from the Bank of England and Federal Reserve along with corporate earnings from Bellway, Next, Ted Baker, Kingfisher and Wood Group
Investments and investor services
Britain's blue-chip benchmark finished around 27 points lower at 7,615.
The proposed £11.7bn takeover of Sky from Fox is all becoming a bit messy, so investors will be hoping the UK broadcaster can shed some light on whether a takeover from anyone is likely
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Week ahead includes updates from Diageo PLC, easyJet PLC, Dixons Carphone PLC, ASOS PLC, Sky PLC, JD Wetherspoon PLC, plus UK labour market and GDP data
Presently the Taq Taq field produces around 15,000 bopd gross, and over the year-to-date volumes have averaged 18,300 bopd
DB's forecasts are predicated on sustained export and royalty payments but analyst David Mirzai acknowledged the higher risks due to above-ground issues in Kurdistan
Political uncertainty has been the main topic of discussion for investors lately, nonetheless Friday's announcements show that cash continues to flow for the region's oil producers.
Genel expects to shoot 3D seismic in 2018, but it is no longer obliged to drill a well.
"Oil politics are creating tremendous pressures for peace in a region where otherwise the geopolitical context has all the seeds of war," said WH Ireland
Political insecurity has been a key risk for investors in Kurdistan based oil stocks for quite some time, and the recent escalations have further dented share prices.
Former Ophir Energy PLC boss Dr William Higgs will take up the role of Genel's chief operating officer on November 6. Paul Schofield steps down from that role as of October 16
The payments cover crude sales for the month of July
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Hurricane Energy, Gulf Keystone and Highlands Natural Resources were among the week's oil and gas sector.
Iraq's Kurdish population voted 93% in favour of independence, a result that's not been welcomed in Baghdad.
“Watch this closely for macro implications on crude oil prices and at the micro level for oil & gas companies operating in the country such as DNO, Genel, Gulf Keystone, ShaMaran, and Oryx”
New funds were previously raised to maintain the field’s output at 40,000 bopd, though in the first six months production averaged 36,664 bopd.
The US broker cut its stance for Tullow to 'hold' from 'buy' and reduced its target price to 155p, from 250p previously, pointing out that a refinancing in 2017 “remains a risk”
Results and periodic operational updates provided much of the week's newsflow
The Kurdistan focussed oiler agrees to get a bigger share of future crude sales, but, in return it waives its rights to receivables due on past sales
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British Gas owner Centrica and BP are among the blue-chip names in Tuesday’s City agenda.
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Week ahead: HSBC, Royal Bank of Scotland, Royal Dutch Shell, Next, Centrica, Shire, US jobs, Bank of England policy meeting ...
Tullow and Cairn are both 'buys' whereas Genel Energy is seen as a 'sell'.
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A look at the world of small cap oil and gas news last week
The new chief financial officer is due to join the company on July 3.
The Norway-headquartered oiler that missed on GKP last year has diversified with the acquisition of offshore assets in the North Sea.
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A glance at some of the stories on the Proactive newswire today
Genel expects to settle the buy-back on April 11, and once complete the company intends to cancel the bonds.
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A glance at some of the stories on the Proactive newswire today
Analyst Mark Wilson highlights that the Taq Taq problems may impede Genel’s growth plans.
“Effectively under new management and after last year’s refinancing with a balance sheet that actually has net cash GKP is in a stronger position"
Genel's revenues dropped to US$190.7mln for the full-year to December 31 2016, down from US$243.9mln in 2015, as production fell to 53,300 barrels per day, down from 84,900 in 2015
Europe again dominated the mood in London after Article 50 day
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With Brexit’s Article 50 out of the way, the attention turns to corporate news tomorrow.
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A glance at some of the stories on the Proactive newswire today
Taq Taq’s production continues to decline, reserves have been culled by 65% and Genel expects to make a US$181mln impairment in its accounts for 2016.
