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http://www.rigzone.com/news/article.asp?a_id=114250&hmpn=1

THIS STOCK QUALIFIES FOR YOUR ISA.


Photo's of Ber Bahir where black is thought to be oil?

http://db.tt/nrmRjZ5D

THE LARGEST PRODUCER IN KURDISTAN, 41000bopd,with 1.4BBO of which 356MBO are P1 &P2.
http://www.investegate.co.uk/genel-energy-plc-%28genl%29/rns/completion-of-acquisition/201301231000021850W/
The operator with 40% interest (GKP 40&)in Ber Bahir.
From a recent RNS released by GKP ,

13th Dec 2011
Ber Bahr-1 Exploration Well

The first exploration well on the Ber Bahr block has drilled to a measured depth of 1,765 metres at the top of the Triassic with hydrocarbons indications observed in the well. Wireline logging is underway which will be followed by running of 9 5/8" casing. The well will then continue drilling to the estimated TD of 2,100 metres.

Also a note from the broker stated that was similar to early Shailhan wells,if so WOW?

Approx 335mtrs to go of which oil plays are part of,so news is close?

http://boards.fool.co.uk/vallares-gkp-12355098.aspx?sort=whole#12355179
http://www.investegate.co.uk/Article.aspx?id=201203080700149278Y
http://www.investegate.co.uk/Article.aspx?id=201203200700206495Z
http://www.investegate.co.uk/Article.aspx?id=201203210705107420Z
http://www.moneyam.com/action/news/showArticle?id=4422402
http://www.moneyam.com/action/news/showArticle?id=4430165
http://www.moneyam.com/action/news/showArticle?id=4431708
http://www.genelenergy.com/admin/resimler/detay_resim/Half_Year_Results_23082012_FINAL.pdf
http://www.investegate.co.uk/genel-energy-plc-%28genl%29/rns/trading-and-operational-update/201301180700068414V/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/bina-bawi-update/201304041105015272B/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/chia-surkh-discovery/201304100700069624B/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/half-yearly-report/201307310700115294K/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/declaration-of-commerciality-for-miran/201309030700110610N/
http://www.moneyam.com/action/news/showArticle?id=4668698
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/update-re--tawke/201310140708553997Q/
http://www.moneyam.com/action/news/showArticle?id=4739145
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/krg-exercises-back-in-right-to-miran-psc/201402241100037720A/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/full-year-results/201403060700146386B/
http://www.investegate.co.uk/genel-energy-plc--genl-/rns/agreement-for-development-of-miran-and-bina-bawi/201411130700268995W/
http://www.moneyam.com/action/news/showArticle?id=4962310
HTTp://news.sky.com/story/1419273/ex-bp-boss-hayward-lures-monaghan-to-genel
http://uk.advfn.com/news/UKREG/2015/article/67672862

Hmmmm.....don't lose it all. Stock looking less attractive now, imo.

I'll hold for a while yet.

My share tip in 2013.

http://ikjnews.com/?p=3699

StockMarketWire.com
Liberum Capital starts Genel Energy at hold, target 850p

A good update.

StockMarketWire.com
Genel Energy expects revenues to be ahead of previous guidance and all development and exploration activities in Kurdistan to be funded from cash flow generated locally in line with its stated strategy.

Genel Energy's average net working interest production for 2012 was in line with guidance at 44,500 barrels of oil per day (2011: 42,000 bopd).

During the course of the year production from Genel Energy's two producing assets, Taq Taq and Tawke, has been sold into both domestic and export markets.

Chief executive Tony Hayward said: "2012 saw a strong production performance and a materially expanded exploration portfolio which will provide us with significant opportunities in 2013, both in the Kurdistan Region of Iraq and Africa."

Genel Energy completes the acquisition of the remaining 49% interest in the Miran Block
Genel Energy announces that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block").

On 12 November 2012, Genel Energy announced that Heritage Oil Plc ("Heritage") issued the Exchange Repayment Notice signifying its intention to repay the $294 million loan made by Genel Energy to Heritage in August 2012 through the transfer of Heritage's remaining 49 per cent participating interest. The transfer was subject to the approval of Heritage's shareholders in a general meeting and, among other customary closing conditions, receipt of relevant approvals being granted by the Regional Council for the Oil and Gas Affairs of Kurdistan.

Following closing and formal approval of the transfer by the Regional Council, Genel Energy now owns 100 per cent participating interest in the Miran Block (75 per cent working interest post KRG back-in right) and has become the sole operator.

StockMarketWire.com
JP Morgan Cazenove has reviewed it stance on the UK Exploration & Production sector today highlighting the fact that the sector had underperformed the broader market up to the end of the year. This reappraisal has led the US bank to downgrade a number of stocks in its coverage including SOCO International (LON:SIA) , Serica Energy (LON:SQZ), Genel Energy (LON:GENL) and Afren (LON:AFR) which have all been downgraded to "neutral" from "overweight". The City broker cut its price targets across the board reflecting its downbeat near-term outlook, which included: SOCO International - reduced to 418p (from 420p), Serica Energy - reduced to 47p (from 50p), Genel Energy reduced to 940p (from 1,060p) and Afren reduced to 195p (from 210p) In a note issued to clients today, analyst James Thompson said: "On a more structural theme, we see the relatively easy access to acreage that E&P companies have enjoyed for a decade coming to an end as big oil steps up the hunt for resources. Near term, we lower our exposure to political risk, particularly in the MENA region, and instead turn our focus to the exploration story that remains the sector's lifeblood."

Seems to have lost it's gloss for the moment. On my watch list though, ready for a bounce.

Preliminary audited results for the year ended 31 December 2012
Genel Energy plc, the London listed exploration and production company and largest independent oil producer in the Kurdistan Region of Iraq, announces its preliminary audited results for the year ended 31 December 2012.

Highlights
· Consolidated our position as the leading independent oil and gas producer in the increasingly attractive Kurdistan Region

· Current production capacity of circa 80,000 bopd (net), with 2012 average net working interest production of 44,500 bopd in line with guidance

· Significant resource additions acquired in the Kurdistan Region: 44% interest in Bina Bawi and additional interests in Miran (75%) and Chia Surkh (40%), adding over 750 mmboe of net contingent and unrisked prospective resources

· High impact African exploration portfolio established with material positions acquired in Somaliland, Morocco, Malta and Côte d'Ivoire, targeting net unrisked prospective resources of over 3.3 billion boe

· Substantial growth in resource base: Proven and probable reserves (2P) increased to 445 mmboe (2011: 412 mmboe), total working interest reserves and unrisked resources increased to 5.4 billion boe (2011: 1.6 billion boe)

· Free cash flow positive for the year, with capital expenditure on exploration, appraisal and development in the Kurdistan Region of Iraq funded entirely from strong operating cash flow of over $300 million

Outlook
· Continuing progress on the new export pipeline infrastructure in the Kurdistan Region (construction of first phase operational in first quarter 2013)

· Average net working interest production for 2013 expected to be in the range of 45,000 - 55,000 bopd, generating revenues of $300-400 million dependent on the level of any export sales

· Appraisal and development programmes at Taq Taq and Tawke on track for 140,000 bopd (net) production capacity in 2014

· Kurdistan exploration programme comprises 4 high impact wells targeting over 750 mmboe gross unrisked resources in 2013: Tawke Deep and Chia Surkh 10 currently drilling, Taq Taq Deep to be spudded in Q1 and Chia Surkh 11 in Q2

· Appraisal programmes underway on both Miran and Bina Bawi, targeting Final Investment Decision on phased development of both fields by the end of 2013

· Work programmes underway across African portfolio to develop prospect inventory; advanced negotiations to secure a rig for the drilling programme on going with first well targeted in Morocco in the fourth quarter of 2013

· Strong balance sheet with significant cash resources of circa $1 billion available for future business development.

28
Feb 2013
Tony Hayward to return to offshore drilling in 2013 as Genel eyes expansion
By News Teamin News
- See more at:http://www.directorstalk.com/tony-hayward-to-return-to-offshore-drilling-in-2013-as-genel-eyes-expansion/#sthash.MKB5B1fq.dpuf

February 28, 2013 5:38 pm

Turkey-Kurdistan oil pact imminent
By Michael Kavanagh

Tony Hayward, the former chief executive of BP who now leads London-listed Genel Energy, has predicted a formal agreement between Turkey and Kurdistan within months that will lead to full-scale exports from the oil-rich region of Iraq from next year.
His forecast of an imminent pact between governments in Ankara and Erbil to approve full-scale exports from the semi-autonomous territory came as Genel committed to further exploration in Kurdistan and north Africa.

Genel, along with several other early-stage producers who have struck deals with the Kurdistan Regional Government, remain locked in a stand-off with Iraq’s federal government in Baghdad that has challenged the legitimacy of licences granted by the regional government.
A compromise deal last September that led to a short-run resumption of exports through Baghdad-controlled federal pipeline system from Kurdistan has since collapsed leading the KRG to sanction small-scale exports of oil from fields to Turkey by tanker.
On Wednesday, Mr Hayward described the level of exports by tanker, running at no more than 5,000 barrels a day, as “symbolic for supply of exports between Turkey and the KRG”.
But he pointed to good progress in the building of a new pipeline capable of exporting up to 1m barrels of oil a day to the Turkish border that is expected to be operational by 2014.
“Some things are not in our control but we believe we will see interesting progress in the first half that will see full-blown exports in 2014,” said Mr Hayward.
His comments came as Genel reported its second annual set of results, which saw revenues jump from $24m to $333m following the cranking up of production that is largely consumed locally.
During the year the company committed about half of a $1.9bn net cash pile to extending its exploration and production assets though it still ended 2012 with net cash of $1bn.

Genel, which was created in 2011 when a £1.3bn cash shell created by Mr Hayward and financier Nat Rothschild floated and then bought Turkey’s Genel Enerji, ended the year with a production capacity of 80,000 barrels a day.
As it awaits the opportunity to export to more lucrative markets, Genel was commanding prices of between $70 and $80 a barrels for sales in the domestic market, said Mr Hayward.
He added that Genel would decide whether or not to embark on a return of funds to shareholders towards the end of the year after taking a “disciplined approach” to any further investments.
“We have no residual obligations [to return funds] from the time the company was set up,” he said. He also denied suggestions of any splits on the timing of any distribution of funds.
“The board is completely aligned behind the strategy of the company – there is no dissent between the founding shareholders.”
Shares in Genel, that floated at £10, slipped 13p to 746p on Thursday.

Completion of Sale Transaction with Genel Energy plc
Malta Offshore Area 4

Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that it has successfully completed the sale of 75% of MOG's shareholding in its wholly owned subsidiary, Phoenicia Energy Company Ltd ("PECL"), to Genel Energy plc ("Genel"). PECL owns the rights to exploration activity in Malta Offshore Area 4.

Under the terms of the sale agreement Genel has acquired MOG's 75% interest for the following consideration:

* An immediate cash payment of US$10 million;

* 100% carry of the cost for the first exploration well Hagar Qim 1, planned to be drilled to a minimum depth of 2,500 metres;

* 100% carry of the cost for the second exploration well up to a maximum of US$30 million gross expenditure;

* At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps.

1
Mar 2013
£50m profit for new Kurdistan oil firm Genel Energy could result in bid by giant, says ex-BP boss
By News Teamin News
- See more at:http://www.directorstalk.com/50m-profit-for-new-kurdistan-oil-firm-genel-energy-could-result-in-bid-by-giant-says-ex-bp-boss/#sthash.ruQbvssy.dpuf

StockMarketWire.com
Genel Energy, an independent oil and gas exploration and production company, has reported exciting potential at the Bina Bawi field in the Kurdistan Region of Iraq where it has a 44% stake.

OMV, the operator, last month carried out an extended well test and the contractor group has submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG).

The initial capacity of the EWT from Bina Bawi 3 is around 5,000 boe/d with the potential to expand beyond this level to approximately 10,000 boe/d, as future wells become available.

The Bina Bawi field, located east of Erbil, is operated by OMV which holds a 36% stake, 44% is held by Genel Energy and a further 20% by the KRG.

A further extensive testing programme is planned on the Bina Bawi 4 and 5 wells during the next few months and the contractor group will be moving ahead with the preparation of a Field Development Plan for submission to the Ministry later in the year.

Commenting, Charles Proctor, Head of Business Development for Genel, said: "We are very pleased to reach these important milestones as we progress the development of Bina Bawi, the next world class field in Genel's KRG portfolio. We will continue to work closely with the operator OMV, to fully appraise the potential of this exciting field as it moves towards full field development."

http://www.investegate.co.uk/genel-energy-plc--genl-/rns/bina-bawi-update/201304041105015272B/

Just a reminder,


Pipeline update

In response to continued industry exploration success, the KRG announced its pipeline infrastructure plans for the Kurdistan Region during 2012. In order to facilitate the export of its crude oil, it intends to construct a new 1 million bopd capacity pipeline to the Turkish border.

The first phase is nearing completion. The construction of a 20" pipeline from the Taq Taq oilfield to Khurmala is expected to be operational in the first quarter of 2013, giving Taq Taq access to the Erbil refinery and the existing Kirkuk to Ceyhan export infrastructure. The pipeline has an initial capacity of 150,000 bopd and has the potential to be increased to some 200,000 bopd with the addition of pumps. The second phase, a 1 million bopd capacity pipeline from Khurmala to the Fishkabur pump station on the border with Turkey, is expected to begin operating in 2014

GENEL ENERGY MAKES SIGNIFICANT OIL DISCOVERY IN FIRST CHIA SURKH WELL

The Anglo-Turkish oil and gas independent, Genel Energy, today announced that the first of five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery.

The Company said the Chia Surkh 10 well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and, in tests extending over several days, flowed at up to 11,950 barrels of oil a day and 15 million cubic feet of gas. The oil was 41 degrees API and well-head flow pressure 2,000 pounds a square inch.

Chia Surkh 10 was drilled on a large thrust-fault, controlled structure with up to 94 square kilometres of closure. A second drill-stem test is being planned for the Miocene section, after which the well will be suspended as a future producer.

Genel Energy chief executive Tony Hayward said the well confirmed the presence of 'a significant oil find' and that the Company had this week begun drilling a second well, Chia Surkh 11, to appraise the discovery.

"We intend to carry out a rapid appraisal and development programme and expect to have an early production scheme operating in the first half of 2014. Over the same period we will be evaluating and drilling a number of other prospects we have in the Chia Surkh licence," Hayward said.

"We are delighted at this level of success in what is the first of the five high-impact exploration wells we plan in the Kurdistan Region of Iraq during 2013. To have made a discovery of such potential materiality at this early stage is highly encouraging," Hayward said.

Chia Surkh 10 is the first exploration well to be drilled on the Chia Surkh acreage since 1954. The 985 square kilometre licence is operated and held 60 per cent by Genel Energy. The remaining 40 per cent is held equally between Petoil, Inc. and the Kurdistan Regional Government.

http://rudaw.net/english/middleeast/turkey/19042013