Genel Energy ups resource estimates after new competent person's report
Kurdistan-focused oil and gas business Genel Energy updated investors on the status of its oil reserves on Wednesday after a competent persons report on its assets revealed a significant increase in oil resources at its Bina Bawi project.
Bina Bawi gross 2C light oil resources had been estimated to be in the vicinity of 37.1m barrels of oil, compared to the 13m initially estimated back in 2013.
Taq Taq reserves were revised down to 54.7m from 59.1m and Miran West resources also saw a major drop, from 52m barrels to 23.7m.
Murat Özgül, chief executive of Genel, said, "The 40% replacement of 1P reserves at Taq Taq follows the success of well TT-29w, and reflects the stability in cash-generative production that we have seen from the field in the second half of 2017. The significant increase in high-value Bina Bawi 2C oil resources offers a tangible opportunity for near-term value creation."
As of 1145 GMT, shares remained untraded on 112.20p.