Investors' Room :: GENEL; Tony Hayward former BP,back in the oil business. - MoneyAM - Free Share Prices, Stock Quotes, Charts, News, Level2

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niceonecyril - 26 Dec 2011 18:34

Chart.aspx?Provider=EODIntra&Code=GENL&S

mitzy - 30 May 2013 08:18 - 154 of 360

Up 25p early.

niceonecyril - 01 Jun 2013 09:11 - 155 of 360

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.

HARRYCAT - 11 Jun 2013 08:08 - 156 of 360

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."

HARRYCAT - 11 Jul 2013 12:29 - 157 of 360

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%)."

niceonecyril - 23 Jul 2013 20:32 - 158 of 360

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)."

niceonecyril - 27 Jul 2013 22:06 - 159 of 360

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

niceonecyril - 31 Jul 2013 08:44 - 160 of 360

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

Added to header.

HARRYCAT - 31 Jul 2013 09:04 - 161 of 360

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."

niceonecyril - 31 Jul 2013 20:22 - 162 of 360

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

niceonecyril - 01 Aug 2013 08:42 - 163 of 360

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

HARRYCAT - 12 Aug 2013 08:10 - 164 of 360

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.

niceonecyril - 03 Sep 2013 07:53 - 165 of 360

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

niceonecyril - 06 Sep 2013 08:22 - 166 of 360

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/

HARRYCAT - 16 Sep 2013 08:18 - 167 of 360

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."

niceonecyril - 16 Sep 2013 08:28 - 168 of 360

Cheers Harry,just updated the header.

HARRYCAT - 18 Sep 2013 15:55 - 169 of 360

Gas Sales and Purchase Agreement for Summail Field
Genel Energy plc ("Genel") is pleased to announce that, along with DNO International ASA ("DNO International"), it has signed a Gas Sales and Purchase Agreement with the Kurdistan Regional Government to supply gas from the Summail field in the Dohuk licence in the Kurdistan Region of Iraq. The gas will partially displace diesel currently used to generate electricity in a 500 MW power plant in the city of Dohuk located 40 kilometres from the field.

http://www.moneyam.com/action/news/showArticle?id=4670939

niceonecyril - 20 Sep 2013 13:47 - 170 of 360

http://vimeo.com/73690334

niceonecyril - 02 Oct 2013 18:32 - 171 of 360

Wednesday, October 02, 2013 by Ian Lyall

Citi paints a rosy picture of Kurdistan oil and gas as the export pipeline out via Turkey heads towards completion by the end of the year.

It reckons the traditional 20-25% discount applied to the value of companies operating in the semi-autonomous region of Iraq should unwind as this provides a means to monetise discoveries.

It also points out that gas agreements between Turkey and the Kurdistan Regional Government provides a further catalyst, particularly for companies such as Genel (LON:GENL), which is sitting on huge discoveries such as Miran and Bina Bawi.

Meanwhile, farm-ins and buy-outs will become a theme as majors (Exxon, Total et al) and the large independents (Hess and Marathon) start to become the dominant players in an oil province with a high success rate and which is very firmly low-cost.

“We continue to believe that the discount rate that the market ascribes to Kurdistan-focused names is too high,” said analyst Michael Alsford in a note to clients.

“While regional tensions (such as Syria) remain challenging, the strengthening relationship between Kurdistan and Turkey could see sustainable oil exports and the completion of long-term gas supply agreements over the next three to six months.

“We think this should lead to the discount rate ascribed to Kurdistan-focused names narrowing further.

“We also expect larger oil and gas companies will move to gain a greater exposure to the significant resource potential in Kurdistan, which sits in the first quartile of our global cost curve.”

Citi has Genel, Norway’s DNO International and Afren (LON:AFR) on its ‘buy’ list.

niceonecyril - 03 Oct 2013 12:19 - 172 of 360

Great news,

By Khalid Al-Ansary
Oct. 3 (Bloomberg) -- Kurdistan Regional Government agrees
with Iraq central govt to link under-construction pipeline to
country’s main export link to Turkey, Ali Hussein Ballo, advisor
to KRG natural resources minister, says by phone.
• Kurds, Iraq central govt to hold negotiations to decide exact place where Kurdish pipeline would be hooked to the main Iraqi export pipeline, which runs from Kirkuk to Ceyhan in Turkey
• NOTE: Hussain al-Shahristani, Iraq’s deputy prime minister for energy affairs, said in Sept. 24 interview that central govt may cut oil revenue to Kurds if they bypass central authorities and start operating export pipeline on their own

niceonecyril - 03 Oct 2013 13:56 - 173 of 360

HTTP://www.ekurd.net/mismas/articles/misc2013/10/state7370.htm?

Oil export pipeline near completion, KRG minister tells meeting at Conservative Party conference

October 3, 2013

MANCHESTER, UK,— A pipeline to export oil from the Kurdistan Region will be operational within a few months, Ashti Hawrami, the Kurdistan Regional Government Minister of Natural Resources, told a meeting at the Conservative Party conference on Wednesday.

'The new oil export pipeline from the Kurdistan Region is almost complete and is expected to be operational by the end of the year,' Dr Hawrami said. He added that he expects exports to reach 1m barrels per day by 2015 and 2m by 2019. ' We are helping the security and continuity of energy supply to the world,' he said.

He added, 'Sharing all oil revenues according to the federal constitution, and the economic independence of Kurdistan are the recipe for the unity of Iraq.'

The minister was speaking at a meeting addressing energy security, hosted by the KRG UK Representation. Other speakers were Nadhim Zahawi MP, Jane Kinninmont of the think tank Chatham House, analyst and consultant Shwan Zulal, and Bayan Sami Abdul Rahman, the KRG's High Representative to the UK. The meeting was chaired by Robert Halfon MP, vice-chairman of the All-Party Parliamentary Group on the Kurdistan Region.

Hawrami told an audience of Conservative Party members, diplomats, journalists, business representatives and analysts that Kurdistan Region's energy riches had been ignored or used against the Kurdish people under previous Iraqi governments. 'With the liberation of Iraq, a new era, an opportunity for sharing power and wealth, opened up in Iraq. The Iraqi constitution facilitates that but so far it hasn't been implemented,' he said.

The minister also noted that the KRG sees Turkey not just as a conduit for Kurdistan's oil and gas to Western markets, but also as a consumer and partner. Hawrami highlighted the role of British companies in the energy sector as well as in Kurdistan's growing economy generally. He encouraged British companies to continue to look at Kurdistan as a destination for their investment. 'We have a good relationship with Britain and there are lots of opportunities for British companies. It's a win-win situation.'

Bayan Sami Abdul Rahman spoke about the KRG's strategy of prioritising tourism, agriculture and industry in order to avoid over-reliance on the energy sector. She said that the Kurds were now a factor in the shaping of the Middle East, both in terms of energy security and political settlements.

Nadhim Zahawi, the first British member of parliament to be of Kurdish origin, told the meeting that groups like the Kurds could no longer be ignored by those wishing to establish peace in the Middle East. Jane Kinninmont said that the KRG would need to diversify its economy. 'I visited Kurdistan this year and spoke to young students who were keen that oil and gas is not wasted and that the economy doesn't over-rely on it. Economic diversification will be a very important aspect of Kurdistan's future,' she said.

Shwan Zulal described the Kurdistan Region as a viable source of energy to Europe and pointed out that the KRG hoped to have a minerals law in place in the near future, opening a new sector of the Kurdish economy.

While at the conference, which was held in Manchester, Minister Hawrami and Ms Abdul Rahman met several British ministers and MPs, including Alistair Burt, the Minister for the Middle East,www.ekurd.net Energy Minister Michael Fallon, Sajid Javid, Minister at the Treasury, and Lord Marland, the British Prime Minister's Trade Envoy who recently led a trade delegation to Kurdistan. They also met the Turkish ambassador in Britain, Ünal Çeviköz, who welcomed them to the Conservative Friends of Turkey reception at the party conference.

The KRG UK Representation also attended the annual conferences of the Labour and Liberal Democrat parties in September. The Representation hosted a discussion on Kurdistan at the Labour Party conference with Ian Lucas, Shadow Middle East Minister, the Labour peer Lord Glasman, Faik Nerwayi, the Iraqi Ambassador to the UK, and Gary Kent, director of the APPG on Kurdistan.

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GENEL; Tony Hayward former BP,back in the oil business. (GENL)