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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

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."

Cheers Harry,just updated the header.

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

http://vimeo.com/73690334

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.

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

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.

(SIX) The Kurdistan Regional Government, KRG has agreed to connect its pipeline to the existing between Iraq and Turkey, reports Bloomberg. The oil company ShaMaran Petroleum assets in Iraq Kurdistan. Andreas Johansson, tel 031-350 6483 andreas.johansson @ six-group.se SIX News

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

"DNO International ASA, the Norwegian oil and gas company, announced today that it has initiated sales from its second horizontal well in the Tawke field in the Kurdistan region of Iraq following testing at a new record rate of 32,500 barrels of oil per day.

Each of ten independent fracture corridors penetrated by a 930-meter horizontal section in the Cretaceous reservoir interval flowed in excess of 9,000 barrels per day. Tawke-23 was spudded in May 2013 and the cost to drill, complete and test the well was $12 million. The first horizontal well completed in the field last July, Tawke-20, is located six kilometers away and set the previous record production rate for a Tawke well at 25,000 barrels per day. Both wells are subject to wellbore and surface facilities limitations.

Drilling operations are already underway at two additional horizontal wells, Tawke-21 and Tawke-22. Both are slated for completion by year-end 2013."

Genel Energy holds a 25% stake in the Tawke licence. DNO International holds a 55% interest in and operates the Tawke license. The Kurdistan Regional Government holds the remaining 20% interest.

Commenting today, Tony Hayward, CEO of Genel said:
"The outstanding result of the Tawke-23 horizontal well is further evidence of the world-class properties of the Tawke field. We look forward to the results of further horizontal drilling ahead of the significant planned increase in the field's production capacity."

Thanks Harry,added to the header. Still below(£10)the float SP.