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Genel Confirms Production Guidance for 2013

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Genel Energy confirmed in an interim management statement Monday that its 2013 guidance remains unchanged. The firm expects to produce between 45,000 and 55,000 barrels of oil per day (bopd) along with revenue of between $300 and $400 million.

Genel said that its new working-interest production for the first quarter of 2013 averaged 37,000 bopd. The firm said that two fields in Iraqi Kurdistan in which it has an interest, Taq Taq and Tawke, averaged 73,000 bopd and 18,000 bopd respectively, with volumes affected by the New Year national holiday and maintenance work at Tawke.

Genel said that production capacity at its key Taq Taq and Tawke assets continues to grow, with Taq Taq's gross production capacity currently at 120,000 bopd and Tawke gross capacity at 100,00 bopd. Genel is targeting 200,000 bopd at both fields by the end of 2014.

Genel began exports to Turkey by truck of Kurdish oil in January. In Monday's statement the firm said it expected volumes exported to rise to 15,000/20,000 bopd during the rest of the year.

Meanwhile, Genel also reported that it had made significant progress with infrastructure developments, with the Taq Taq-Khurmala pipeline now complete. The second phase of this pipeline, from Khurmala to the Fishkabur pump station on the border with Turkey is under construction and will have an initial capacity of 300,000 bopd. The firm expects this to be completed during the fourth quarter of this year.

Genel reported progress in developing and commercializing its Miran and Bina Bawi assets. The Miran West field development is progressing for both oil and gas, with an extended well test for oil at Miran West seeing production at around 3,000 bopd. Bina Bawi saw an extended well test flow oil at an initial capacity of 5,000 bopd.

Genel's exploration activities saw a new oil discovery at the Chia Surkh field, testing flow rates of up to 11,950 bopd. The first appraisal well has spud here. The firm also has an extensive well testing program underway at Tawke Deep over more than 6,500 feet of previously untested Jurassic and Triassic sections.

Genel plans four more high impact wells in Kurdistan during 2013, targeting prospective resources of 1.5 billion barrels of oil equivalent.

Meanwhile, in Africa Genel is in advanced negotiations to secure a rig with 10 slots. It plans a drilling programme to start in late 2013, including wells in Morocco and Malta. The firm also has a 2D seismic data acquisition program underway in Somaliland.

Genel Energy Chief Executive Tony Hayward commented in a company statement:

"Genel has started 2013 strongly with a significant oil discovery at Chia Surkh, very encouraging results so far from our Bina Bawi appraisal wells and good progress made across the board in our major development projects. As political momentum continues to build and the construction of independent regional infrastructure moves forward rapidly, it is evident that 2013 is set to be a highly significant year for both Genel and the Kurdistan Region's oil and gas industry."

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