Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/genel-energy-provides-results-for-the-period-ended.shtmlGenel Energy provides results for the period ended 30 June 2015
Genel Energy announces its unaudited half year results for the 6 months to 30 June 2015.Our operations in the Kurdistan Region of Iraq remain safe and secure
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Genel Energy announces its unaudited half year results for the 6 months to 30 June 2015.
Highlights • Our operations in the Kurdistan Region of Iraq remain safe and secure • Strong operational momentum in the KRI resulted in net working interest production for H1 2015 averaging 88,800 bopd, an increase of 41% on H1 2014 • H1 2015 revenue of $199 million, an increase of 4% on H1 2014 • c.$50 million of cash proceeds received from domestic KRI sales • Capital expenditure in H1 2015 reduced by 70% year-on-year • De-risking of the Miran and Bina Bawi development continues, with signed term sheets in place with the Kurdistan Regional Government (“KRG”) • Cash balances at 30 June 2015 stood at $474 million, resulting in net debt of $216 million Outlook • On 3 August 2015, the KRG issued a statement committing to pay contractors for oil exports on a sustainable basis from September 2015 • The Company's 2015 guidance is reiterated: - Production: 90-100,000 bopd - Revenue: $350-400 million on a Brent oil price of $50/bbl - Capital expenditure: $150-200 million
