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Genel Seeks New Buys with $1.9B in Net Cash

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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.

Highlights

  • Successfully raised $2.1 billion through an IPO in June
  • Established a top-class, highly experienced Board and management team
  • Merged with Genel Energy International, gaining a world class portfolio of assets and readmitted to the London Stock Exchange in November 2011
  • Net average production increased by 147% from 17,000 bopd in 2010 to 42,000 bopd in 2011
  • Net 2P reserve base increased by 60% from 257 Mbbls to 412 Mbbls
  • Total working interest reserves and un-risked resources of 1.6 Bboe, an increase of 45%
  • Signed agreements to increase operating interest in the Chia Surkh field from 20% to 80%
  • Strong balance sheet with net cash at December 31, 2011 of $1.9 billion

Outlook

  • Commenced Kurdistan's most significant exploration drilling program to date, 7 high impact wells targeting over 700 Mboe of un-risked resource potential
  • Plans for the construction of the KICE pipeline are progressing
  • Targeting net production of 55,000 - 60,000 bopd in 2012
  • Development plans in place to increase production facilities on Tawke to 100,000 bopd in 2012 and studies underway to support production of 150,000-200,000 bopd by 2014
  • Plans underway to increase Taq Taq production to 200,000 bopd by 2014
  • Revenue from sales expected to generate $250-300 million in 2012

"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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