Genel Seeks New Buys with $1.9B in Net Cash
Genel Energy plc, the London listed E&P company and largest independent oil producer in the Kurdistan Region of Iraq, announced its first set of year end results since its incorporation on April 1, 2011.
"The merger of Vallares and Genel Energy International in November 2011 was the first step in establishing a major E&P company in the Middle East and Africa region. We are the largest independent oil producer in the Kurdistan Region of Iraq with world class assets and an exciting high impact exploration portfolio. We believe we have established a solid platform from which to pursue our growth ambitions and as an Anglo-Turkish champion we are well placed to benefit from Turkey's growing influence in the region and further afield. With $1.9 billion of cash available to invest in new opportunities, we look forward to an exciting future," said Chief Executive Tony Hayward.
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