Kurdistan–focused Genel Energy (LON:GENL) sharply increased production in its latest quarter and expects output to stay at the higher level over the remainder of the year.
Net production for the first quarter of 2012 averaged 45,500 barrels daily, 27 per cent higher than a year ago.
Revenue guidance for 2012 remains unchanged at US$250-300 million supported by strong sales into the domestic market, it added.
The company, which is run by former BP boss Tony Hayward, intends to drill seven wells across its acreage in the next twelve months.
Peshkabir-1 and Ber Bahr-1 have been drilled and are currently being tested, while Miran East 1 has been spudded, Genel said.
It has a 40 per cent interest in Ben Bahr, which has a prospective gross resource of 500 mmboe, 25 per cent in Peshkabir with 300 mmboe and 18.75 per cent in Miran East.
Results from Ber Bahr are due this quarter with Peshkabir in the third quarter. Gulf Keystone (LON:GKP) also has a 40 per cent interest in Ber Bahr.
Development drilling programmes and facility upgrades to boost production capacity to 200,000 bopd at its Taq Taq prospect in 2014 and to 100,000 bopd for Tawke by the end of 2012 are also on track, Genel added.
Tony Hayward said; “We are consolidating our leadership position in the Kurdistan region through the disciplined acquisition of quality opportunities on attractive terms. Meanwhile we are evaluating a number of acquisition opportunities within the Africa and Middle East region"