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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

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.

Hayward Says Completed Pipeline Turning Point for Kurdistan
By Brian Swint - Oct 25, 2013 10:00 AM GMT

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Tony Hayward, the former BP Plc chief executive officer who now heads Kurdistan’s largest oil producer, said an export pipeline to Turkey is built, marking a turning point for the self-governing region of northern Iraq.

“The Kurdistan Regional Government has completed a 36-inch pipeline,” Hayward, CEO of Genel Energy Plc, said in a telephone interview yesterday. “The line has now been tied in and commissioning is taking place. This is a major inflection point for Kurdistan.”

Kurdistan, whose economy has boomed with oil exploration since the fall of Saddam Hussein in 2003, estimates its reserves at 45 billion barrels, enough to meet U.S. needs for almost seven years. The new pipeline provides unhindered access to international markets for the first time after years of disputes with the government in Baghdad over export revenue.

While Hayward said Genel is already sending about 50,000 barrels of oil a day on trucks to Turkey, where it receives higher prices than in the domestic market, the pipeline will have capacity of about 300,000 barrels a day.

Genel shares reversed earlier losses, to gain as much as 0.8 percent. The stock traded at 973 pence as of 9:53 a.m. in London. DNO International ASA, a Norwegian producer in the region, climbed as much as 1.3 percent to 16.18 kroner in Oslo.

The Kurdistan pipeline joins Iraq’s main export pipeline to Turkey after a Baghdad-controlled metering station, Hayward said. That will give the Kurds full control, bypassing the federal government.
Track Record

The pipeline will become operational by the end of the year, Ashti Hawrami, the KRG minister of natural resources, said on Oct. 3. The KRG signed a deal in April to sell oil and gas directly to Turkey. Turkey also set up a state oil company that has taken stakes in Kurdish oilfields, Hayward said.

“There are always risks, but you have to look at the track record of delivery,” Hayward said. “That gives me confidence that the agreement between Turkey and the Kurdistan region is being followed through.”

The KRG halted crude exports through the government-run link in December amid disputes with the Oil Ministry in Baghdad over revenue from crude sales and payments owed to companies such as DNO and Genel. Hawrami said that the region will export 1 million barrels a day by 2015 and 2 million barrels a day by 2019.

mistyhodag
25 Oct'13 - 12:27 - 322209 of 322243 2 0

Fang - not sure what you are suggesting. Of course they were 'pushed'. They weren't going to be re-elected. My comments are in response to posters suggesting that the supporters of the so called M&G4 are responsible, and that, more importantly, the removal of the two middle eastern representatives of a company who's activities are all in the middle east (to paraphrase a certain poster) is somehow a mistake.
My post attempts to differentiate the roles of 'directors' and any other class of servant to the company (if you see what I mean by the term, 'servant').
I only post because of the the misinformation I perceive, from certain posters.
If I may continue along that line, I am surprised at the vitriol towards Anastasia.
The undoubted problems are not, IMO, her fault. She is an intelligent woman who is doing her best. I do not know exactly where she sits in the organisation, but she seems to have a direct line to TK. That is the problem.
I would find it more sensible to have either the Finance Director, Company Secretary, or someone such as Tony Peart ( Legal and Commercial) with principal responsibility. That said, given the experiences to date, I would also expect much closer involvement/supervision of the company's PR and IR by external Advisors.

StockMarketWire.com
Genel Energy's production guidance range for the year is unchanged at 45,000-55,000 barrels of oil per day.

Net working interest production for the third quarter averaged caround 53,000 bopd - a 10% increase on last year.

Gross Taq Taq (Genel 44% working interest, joint operator) production for the third quarter averaged around 85,000 bopd. Trucked exports via Turkey averaged about 29,000 bopd in the period, with the balance being local sales and deliveries to the Bazian refinery.

Gross Tawke (Genel 25% working interest) production for the third quarter averaged around 61,000 bopd.

Chief executive Tony Hayward said: "Genel continues to make solid progress, with production and revenues growing in line with our prior guidance. We are encouraged by the positive outcome on the testing of the CS-11 well, and the Tawke-23 horizontal well delivered an outstanding result.

"Importantly, the KRI political landscape continues to evolve at pace - the KRI independent oil export pipeline is now complete and being commissioned, and we expect exports by pipeline in the first quarter of 2014. We completed our first domestic gas sales contract in the third quarter and anticipate the finalisation of the gas sales agreement between Turkey and the KRG in the first quarter of 2014. Our high impact African Drilling campaign is on track to commence around year-end with the Cap Juby well offshore Morocco."

http://mobile.businessweek.com/articles/2013-11-14/2014-outlook-kurdistans-oil-ambitions



Kurdistan, the self-governing region of northern Iraq, is poised to realize a gusher in revenue from its oil fields. Estimated reserves of about 45 billion barrels of crude have piqued the interest of several of the world’s largest oil companies. Although getting crude out of the country has until now been a challenge, the opening of a pipeline into Turkey at the start of 2014 will make it significantly easier to get the oil to markets. “We’re looking at multibillion barrels,” says Dougie Youngson, an analyst at VSA Capital in London. “The operators are sitting on huge resources that they want to start commercializing.”

Once it gets going, the pipeline, built and owned by the Kurdistan Regional Government, could result in exports of about 400,000 barrels of oil annually, according to the government. The output will jump to 1 million barrels a year by 2015, and 2 million barrels by 2019, says Ashti Hawrami, Kurdistan’s minister of natural resources. Such estimates have prompted ExxonMobil, Total, Chevron, and Gazprom to sign exploration agreements with the government. If it were a country, Kurdistan would rank 10th among the largest oil-holding sovereigns in the world. It produces about 200,000 barrels per day, with 50,000 of that exported to Turkey by truck. Southern Iraq’s oil fields pump out about 3 million barrels per day.

The substantial reserves will help meet increasing global demand at a time when three of the largest producers—Venezuela, Iran, and Saudi Arabia—are closed to many Western oil companies. “Iraq is the only country in the world where you can put a pipe in the ground and the oil starts flowing,” says Maria van der Hoeven, executive director of the International Energy Agency. “It’s the last easy oil.”

Kurdistan’s oil fields do have their political complications. Exxon and Total—both active in southern Iraq—face increased tensions with the central government in Baghdad given a long-standing dispute between Iraq and the Kurds over control of the northern oil fields and export revenue. In September, Hussain al-Shahristani, Iraq’s deputy prime minister for energy affairs, called Exxon’s intention to explore in the region a “serious error.”

But the upside of easy oil outweighs the risks of upsetting Baghdad, for large and smaller producers alike. “This is transformational for both Kurdistan and Genel,” says Tony Hayward, the former chief executive officer of BP who was appointed CEO of Genel in November 2011. The Turkish company is one of two foreign explorers, along with Norway’s DNO International, operating in Kurdistan and trucking out its exports. The pipeline, Hayward says, will give Kurdistan greater control over its exports and access to more markets. “For us,” he adds, “not only will we get higher realizations, we’ll get much greater volume

Bought this last week. This stock looks good on a 6 month view. Pipeline capacity due on stream shortly should transform b/d sold. Treble capacity possible and at less cost/b?!!!!!

http://www.garda-world.com/events/entry/kurdistan-iraq-oil-gas-conference

Sunday Times article 24.11.2013 Highlights why this should be a very successful share to hold over the next 12 months, with the prospect of a special dividend returning surplus cash to shareholders as well as the prospect of a much higher sp in the meantime.

Credit Suisse reiterates outperform on Genel Energy, target raised from 1296p to 1430p.

Genel Energy upgraded by Credit Suisse after 'irreversible progress' in Kurdistan

By Jamie Ashcroft December 04 2013, 11:05am

Credit Suisse reckons the semi-autonomous region has now made “irreversible progress” towards achieving large scale exports via TurkeyCredit Suisse reckons the semi-autonomous region has now made “irreversible progress” towards achieving large scale exports via Turkey

Genel Energy (LON:GENL) has been upgraded by City broker Credit Suisse which now believes the Iraqi Kurdistan oil play is lower risk.

Analyst Thomas Adolff reckons the semi-autonomous region has now made “irreversible progress” towards achieving large scale exports via Turkey, and as one of Kurdistan’s few producers Genel is set to benefit.

“Progress has been very impressive since 2011 and we treat recent events - the signing of the energy agreement with Turkey last week - as irreversible progress,” he said in a note.

“We believe Genel could be the bright-spot again in the UK E&P space in 2014.”

Credit Suisse today lifted its price target on Genel to £14.30 per share from £12.96 (current price: £10.61)

Looking ahead to what must now be achieved in the coming months, Adolff explains: “having finalised the energy agreements, the next step is to meet with the Government of Iraq (GOI) to reach a revenue-sharing agreement.

“Exports, however, can flow before and contractors amongst others will have the first call on revenue (ie, under this format, they should get paid as exports begin).

“The KRG, meanwhile, agreed not to draw on its share of revenue from these exports after contractor entitlements, tariffs and payments to the UN Compensation fund widely reported to be held in an escrow account in Turkey, under the control of the KRG, until it reaches an agreement with the GOI.

“As revenue is accumulated, there will be an incentive to reach an agreement.”

iii-cheers

From the following re Matt Badiali - Http://www.thedailycrux.com/Post/43849/must-see-a-sneak-peek-at-stansberry-associates-most-exclusive-event

As we discussed in the October 31 Digest, Matt recently returned from an exploratory trip to Iraq. He was looking at small-cap oil companies in the Kurdistan region. As we wrote...

Matt is bullish on [Kurdistan] because by the end of this year, a pipeline will be completed and operating that sends Iraqi Kurdistan oil to Turkey. It will transport 300,000 barrels a day. By 2014, Matt says this pipeline will deliver 1 million barrels of Kurdistan oil to Turkey... And by 2019, there will be a second pipeline – together, they'll transport 2 million barrels of oil daily.

To put those numbers in perspective, Oklahoma produces 300,000 barrels daily. By 2015, Kurdistan's oil exports will be equal to the oil production of Alaska, California, and Nevada combined. By 2019, its exports will be equal to 27% of U.S. daily production.

Kurdistan isn't a big place. It's just 74,000 square miles. It would be the 18th-largest state in the U.S., roughly the size of Washington or South Dakota.

But this region is still surprising everyone with its potential. The $25 billion oil producer Marathon Oil just announced a new discovery named Mirawa about 40 miles north of Erbil. The first well flowed 11,000 barrels of oil per day, 1,700 barrels of condensate per day, and 72 million cubic feet of natural gas.

It's a huge discovery.

In his presentation, Matt gave the names of five small-cap oil companies operating in Kurdistan. He thinks the oil majors, like ExxonMobil and Chevron, are about to go on a buying spree in Kurdistan... And he believes these small oil companies will likely be the targets

http://www.bloomberg.com/news/2013-12-03/iraq-controls-kurdish-oil-exports-under-new-accord-luaibi-says.html

------------------------------------------------------------------------------------ -------------------------------------------------------------------------------,



Turkish Energy and Natural Resources Minister Taner Yildiz has said that no matter what the Iraqi government decides on recently proposed mechanism, the oil deal with Iraq’s Kurdistan region will go on.
“If Iraqi accepts triple mechanism that we have founded, it can work. Of course it is a decision that our Iraqi brothers should decide on. If they do not accept, the process will go on,” Yildiz said at the Caspian Forum held in Istanbul on Thursday.
Turkey and Iraqi Kurdistan have recently agreed to get the consent of Central Iraqi Government in order to export oil from Kurdistan Regional Government, and start a strong collaborative project which would benefit all parties.
Yildiz earlier said that a working group was established with the Central Iraqi Government regarding the transfer of crude oil from Basra to Kirkuk-Yumurtalik, and the construction of a new pipeline.
"This working group will first work on a project regarding the unassembled pipeline of 400 km. Then they will perform a feasibility study, and keep contributing towards the completion of this project. Then we will join these pipelines together. I would like to emphasize that we support the Central Iraqi Government's project of taking the oil from southernIraq to world markets via northern Iraq," he had said.
Yildiz had said that the negotiations between Iraqi Central Government and Northern Iraq would soon begin, and they would be monitoring the situation closely, and make new evaluations accordingly

StockMarketWire.com
Investec has downgraded its recommendation on Kurdistan focused independent oil producer Genel Energy (LON:GENL) to "hold" from "buy" believing the stock's valuation has now reached an inflection point. The broker also said in its research note that it believes it is appropriate to apply a 10 - 15 per cent valuation discount to its Kurdistan asset base, given ongoing regional and political risks. Analysts have nudged up their price target to 1,140 pence per share (from 1,130 pence) after rolling forward their field models to 2014. Separately, Credit Suisse repeated its "outperform" recommendation (target price increased to 1,430 pence a share from 1,296 pence) in a note to investors, last week.