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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

http://www.investegate.co.uk/genel-energy-plc--genl-/rns/rig-contract/201305010700106811D/

A summary of above:

StockMarketWire.com

Genel Energy has signed a drilling rig contract for its African offshore drilling programme with Noble Corporation.

The Noble Paul Romano deepwater, semi-submersible rig will be used to deliver a high impact drilling campaign over a 2 year period, starting in the last quarter of 2013.

The rig, which is currently undergoing a special 5 year class survey in Valletta, Malta, has a rated water depth of up to 1,800 metres and a drilling depth of approximately 7,500 metres.

AGR will be providing drilling management services.

Director Declaration

In accordance with Listing Rule 9.6.14, Genel Energy plc announces that Tony Hayward, Chief Executive Officer of Genel Energy plc, has been appointed Interim Chairman of Glencore Xstrata plc with immediate effect with the intention that he will step down once a new chairman takes up the role.

Up 40p and big volume.

StockMarketWire.com
Genel Energy has confirmed a commercial discovery following a successful side track of the original Ber Bahr 1 exploration well in the Kurdistan region of Iraq.

The Ber Bahr 1 well original TD was 3933m in the upper Permian Chia Zairi formation. It encountered good oil shows over a c.300m interval in the Jurassic. Two drill stem tests over this interval failed to flow.

The original well has now been successfully side tracked and in several tests, conducted over a period of days, achieved a sustainable flow rate of 2100 STB/ day of 15 API oil from the Middle Jurassic age Sargelu Formation. Head of exploration Dr John Hurst said: "The Ber Bahr well adds a further commercial oil discovery to Genel's already significant KRI resource base. We plan to begin a phased development of the field in the second half of this year."

Up 25p early.

Taq Taq to Khurmala Pipeline complete

Genel Energy and Addax Petroleum have completed the 70 km Taq Taq to Khurmala Pipeline in the Zagros Basin, northern Iraq.

The Taq Taq licence area covers approximately 951 sq km, and has 2P reserves of 607 MMbbl. It is located 60 km northeast of the Kirkuk oil field, adjacent to the city of Kirkiuk, 85 km southeast of the city of Erbil and 120 km northwest of the city of Sulaimaniyah.

Genel Energy states that there are 12 producing wells at Taq Taq, and the current production capacity of the field is 120,000 bbl/d, with plans in place to increase this to 200,000 bbl/d in 2014.

Front-end engineering and design (FEED) contractor OSD said that the project scope for the Taq Taq site included up to 1 MMbbl of oil storage in floating-roof tanks; pump systems; meters; office and warehouse facilities; and all utilities for the site such as fire water, power generation, control and SCADA systems; oily water treatment, and diesel storage.

The Taq Taq to Khurmala Pipeline system includes a fibre-optic cable with redundant satellite communications, emergency-shutdown systems, pigging facilities, and cathodic-protection systems.

OSD said that the 24 inch oil pipeline traverses high undulating terrain from Taq Taq to Kirkuk, with the route influenced by topography, river crossings and minefields. At its peak, the route rises to approximately 800 m. As part of the FEED requirements, OSD personnel completed field right-of-way and facilities site surveys in the remote Kurdistan region of Iraq.

The Taq Taq to Khurmala Pipeline, which was constructed by local company KAR, forms part of a larger infrastructure plan by the Kurdistan Regional Government, which is planning to construct a 1 MMbbl capacity oil pipeline to export oil from the Kurdistan region to the Turkish border. The first phase of this project is to connect Taq Taq to the Erbil refinery and the existing Kirkuk to Ceyhan export infrastructure. The second phase of this project is to link the oil fields in the Kurdistan region directly to Fishkabur on the Turkish border.

The plan aims to reduce the bottleneck on oil supplies via the previous export method. Previously oil was trucked approximately 135 km to Khurmala or 255 km to Fishkabur, where it was metered and pumped into the Kirkuk to Ceyhan Pipeline.

Genel Energy has now begun construction on the second phase from Khurmala to the Fishkabur pump station on the border with Turkey. The pump station will have an initial capacity of 300,000 bbl/d.

The second phase is expected to be in operation by 2014.

Genel Energy plc ("Genel Energy") notes that DNO International ASA ("DNO"), as operator of the Tawke Field in the Kurdistan Region of Iraq, has today issued the following press release:

"[The] deep Tawke-17 well tested 1,500 barrels a day of 26-28 degree API crude oil from an Upper Jurassic reservoir underlying the Tawke field in the Kurdistan Region of Iraq. Separately, the Tawke-20 well, the Company's first horizontal well in the Tawke field, has flowed an average of 8,000 barrels a day from each of the first four of ten fractured corridors penetrated by the well. Testing continues on both wells.

"We are very pleased that initial Tawke-17 results are in line with the Company's pre-drill estimates," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. "This discovery in the Sargelu formation, over 200 meters below the main field Cretaceous reservoir, likely bumps recoverable reserves on the Tawke license to the one billion barrel mark," he added.

Drilling of a second Tawke horizontal well continues on schedule. "If this second well, Tawke-23, demonstrates the significant deliverability uptick we are now seeing in Tawke-20, we will go back to the drawing board and consider further enhancements to our current target of 200,000 barrels a day of production capacity by 2015," Mr. Mossavar-Rahmani said. Last month the Company announced that it had met its previous goal of delivering 100,000 barrels a day from the Tawke field following 72 hours of well and facility tests.

The Tawke-17 well, the deepest drilled by the Company in the Tawke field, encountered several Triassic zones that proved either tight or water bearing. Two additional identified reservoir intervals in the Upper Jurassic remain to be perforated and tested."

Tony Hayward, Chief Executive of Genel Energy, said:

"Today's news reinforces the extremely positive first half of 2013 that Genel has had with the drill bit, with the company having three new discoveries in the Kurdistan Region of Iraq in the space of three months. We look forward to working with DNO to determine the full extent of the new discovery."

UBS note today:
"From a technical perspective Genel has had an excellent first half. Positive drilling results at Chia Surkh; Tawke Deep; Ber Bahr and Bina Bawi drive an 18% increase in our 3C NAV. Meanwhile, we feel risks around exports of oil and gas from Kurdistan are starting to diminish and do not see this as reflected in the stock’s discount valuation. The market is also currently ascribing zero value to fast approaching frontier exploration in Morocco (~100% upside) and Malta (~60%).

1) As early as September the converted Khurmala-Dohuk gas pipeline will allow Kurdistan to export an additional 300kb/d directly to Turkey (including 200kb/d from Genel’s Taq Taq field). 2) c.70kb/d of Kurdish oil has been reaching international markets by truck for several months with no apparent payment, legal or political issues. 3) Major IOC’s continue to build positions and foster links with Turkey and the KRG (c.f. Exxon’s deal with TPAO; Chevron drilling).

With Taq Taq and Tawke both hitting peak production capacity next year Genel is well positioned as exports ramp-up. Production grows from 44kboe/d in FY12 to 270kboe/d in FY17E (CAGR: 43%). Low development costs ($2-3/boe) of these conventional onshore barrels should allow its strong balance sheet to be maintained.

Core NAV: £7.26/sh (from £7.02); Core plus Contingent: £12.44/sh (£10.57); Risked: £14.22/sh (£12.09). Target set at 27% discount to NAV (prior 30%)."

July 23 2013, 11:49am

.It is also expected that Genel will drill its first horizontal wells at the Taq Taq field later this year.

Genel Energy (LON:GENL) growing production volumes from horizontal drilling in Kurdistan is exciting news, according to investment banking heavyweight UBS.

It revealed yesterday, by operator DNO, that the first horizontal well on Genel's 25% owned Tawke field produced 2.5 times more oil than the field's most productive vertical well.

The TK-20 well flowed at an equipment constrained 25,000 barrels a day, compared to a prior field record of 10,000 barrels.

Another two horizontal wells are now planned by DNO at Tawke, meanwhile it is also expected that Genel will drill its first horizontal wells at the Taq Taq field later this year.

According to UBS analyst Daniel Ekstein horizontal drilling could help add more than 200mln barrels of ‘possible’ reserves to Genel’s current 445mln barrels of ‘proved and probable’ reserves.

“The first horizontal wells were drilled in the 1920s but became more prevalent from the late 1980s. The technique is now commonly used to optimise drainage of fractured carbonate reservoirs such as those in Kurdistan,” Ekstein said in a note.

“The frantic early days of the Kurdish oil sector meant more rudimentary, cheaper and quicker approaches were adopted.

“As the industry moves into the development phase operators are increasingly focussed on application of more sophisticated technologies (advanced 3D seismic; directional and horizontal drilling; acid and hydraulic fraccing)."

Saturday, July 27th 2013

WHAT'S WORTH OWNING

Genel Energy (LON:GENL)

We can't get enough of Anglo-Turkish Genel, which is advancing like a hurricane in Kurdistan (discovery after discovery and amazing drilling success), and also faring nicely in Africa. Shares in the company have advanced almost 50% over the past year on success in Kurdistan, and now it's about to hit the roof as its crude oil pipeline nears completion and is slated to start pumping crude to Turkey by the end of September. There is a short window of opportunity here to get in while this is still a bit undervalued. (And there are a number of undervalued stocks operating out of Kurdistan).

Genel is the largest producer in Iraqi Kurdistan, and its holdings are impressive. We're talking about 7 production-sharing contracts with some nice geological diversity. Its largest producing fields in Kurdistan are Taq Taq and Tawke, which have an estimated gross proven and probable reserves of 1.4 billion barrels of oil and gross proven and probable reserves of 1.9 billion barrels. By 2014, Genel is aiming for a production capacity of 140,000 net bopd.

http://en.mercopress.com/2013/07/27/six-key-oil-gas-discoveries-of-2013-who-s-worth-owning

http://www.investegate.co.uk/genel-energy-plc--genl-/rns/half-yearly-report/201307310700115294K/

Added to header.

StockMarketWire.com
Genel Energy posts pre-tax profits of $109.1m for the six months to the end of June - up from $22.3m last time.

Revenues rose to $160.6m from $123.1m and cash flow from operating activities increased to $181.3m from $82.4m.

Chief executive Tony Hayward said: "Genel has had a strong first half of the year making material progress in exploration, appraisal and development. Success with the drill bit has added c.500 mmboe to our contingent resource hopper - an increase of more than 50% - while the development programmes at both Taq Taq and Tawke continue to build production capacity, and look set to benefit from the expected completion and operational start-up of the KRI export pipeline by year end.

"The appraisal success at Bina Bawi and Miran has created a transformational gas business and Genel, with our Turkish heritage, is uniquely placed to benefit from the KRG-Turkey Gas Sales Agreement which we expect to be signed by year end.

"The strong combination of operational and political momentum we are enjoying in the KRI will be further reinforced by an African exploration programme that will commence in the fourth quarter of the year. We have a lot to look forward to."

http://www.proactiveinvestors.co.uk/companies/news/59561/genel-energy-to-benefit-from-kurdistan-turkey-gas-deal-59561.html

http://cache.merchantcantos.com/webcast/static/ec2mc/4000/5275/9523/10962/Lobby/default.htm

StockMarketWire.com
Genel Energy has agreed to acquire a 40% interest in the Adigala block onshore Ethiopia from New Age (African Global Energy) Limited.

The consideration involves a payment in respect of back costs and a contribution to the cost of a 2D seismic acquisition planned before the end of 2013.

http://www.investegate.co.uk/genel-energy-plc--genl-/rns/declaration-of-commerciality-for-miran/201309030700110610N/

Genel Energy Given Neutral Rating at JPMorgan Chase & Co. (GENL)

Posted by admin on Sep 5th, 2013


Genel Energy logoGenel Energy (LON:GENL)‘s stock had its “neutral” rating reaffirmed by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday, Stock Ratings Network reports.

Other equities research analysts have also recently issued reports about the stock. Analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of Genel Energy (LON:GENL) in a research note to investors on Wednesday. Finally, analysts at Liberum Capital raised their price target on shares of Genel Energy (LON:GENL) from GBX 1,000 ($15.49) to GBX 1,150 ($17.82) in a research note to investors on Monday, August 5th. They now have a “buy” rating on the stock.

Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of GBX 1,154 ($17.88).

Shares of Genel Energy (LON:GENL) traded up 1.77% on Wednesday, hitting GBX 946.50. 273,952 shares of the company’s stock traded hands. Genel Energy has a one year low of GBX 700.00 and a one year high of GBX 1026.3199. The stock has a 50-day moving average of GBX 954.8 and a 200-day moving average of GBX 883.9.

Genel Energy plc, formerly Vallares PLC, is an exploration and production company. It is an independent oil producer in the Kurdistan Region of Iraq.


http://www.mideasttime.com/genel-energy-given-neutral-rating-at-jpmorgan-chase-co-genl/55953/

Genel Energy plc ("Genel Energy") notes that DNO International ASA ("DNO"), as operator of the Tawke Field in the Kurdistan Region of Iraq, has today issued the following statement on the field:

"DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it has commenced extensive testing of the Tawke-23 exploration well in the Kurdistan region of Iraq. The well is the second horizontal well drilled by the Company in the Tawke field and has encountered continuous oil shows within a 930 metre horizontal section in the main Cretaceous reservoir. The test program, expected to last up to three weeks, will focus on ten fracture zones with production potential.

The Company's first horizontal well in the field, Tawke-20, tested 8,000 barrels per day from each of ten producing intervals in the Cretaceous reservoir and is currently on stream at an average rate of 25,000 barrels per day.

Also currently drilling in Kurdistan are two other Tawke horizontal development wells, Tawke-21 and Tawke-22."