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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

surprised none of you guys picked up on the good snippet in yesterday's ST .... hence this morning's little flurry

Comment from Oriel today:
"At the current price, we see little implied risk of accident, disappointment, failure or miscalculation in regard to the business of producing and selling oil in Kurdistan. As such, we do not think the ‘political de-risking’ buy case for Genel is compelling. Given this view, we think only a speedy maturation of the gas development portfolio, coupled with exploration success in Angola or Morocco, can support the current share price. Our negative stance on these key assets leads us to a REDUCE recommendation.
Important, low return gas projects are at risk. Using Genel’s own cost assumptions, we do not think Miran and Bina Bawi represent attractive uses of capital at likely gas prices. The two fields are strategically important to Kurdistan’s relationship with Turkey and this fact may lead to an accord between the Kurdistan Regional Government (KRG) and its contractors. However, Genel needs to farm out at Miran and we think any delay in reaching the advertised field development milestones will be taken negatively as the year progresses.
Exploration hopper, filled at great expense, could be empty by year end.
Genel’s decision to shorten a two-year contract for its deepwater drilling rig suggests a lack of good prospects in its Africa exploration portfolio, in our view. Although we are encouraged at the show of capital discipline, there is now little visibility on Africa exploration in 2015. We carry a risked value of 100p/sh for this year’s remaining five exploration wells, noting that four of these are to be drilled at sole risk or with Genel providing a significant carry, at a net cost of US$300-350m (65-75p/sh).
Violence in Iraq may preclude Genel’s near term acquisition. One compelling reason to hold Genel is the potential for a corporate takeover at a higher price level. The strategic significance of Tawke and Taq Taq make them appealing to an acquirer, especially should the KRG move further towards autonomy and/or independence in the months ahead. However, given recent violence, political disquiet and Genel’s c.US$4bn EV, we think an outright sale is unlikely for some time."

Trading and Operations Update
Genel Energy plc ("Genel" or the "Company") issues a Trading and Operations Update in advance of the Company's half-year 2014 results, which are scheduled for release on 5 August 2014. The information contained herein has not been audited and may be subject to further review.

PRODUCTION AND REVENUES UPDATE
· Gross production from Taq Taq averaged 92,000 bopd in H1 2014 and 113,000 bopd in June.
· Gross production from Tawke averaged 84,000 bopd in H1 2014 and 116,000 bopd in June.
· Genel net working interest production averaged 63,000 boepd in H1 2014, an increase of 50% on H1 2013.
· Genel net working interest production averaged 84,000 boepd in June 2014 on the back of exports via the KRI-Turkey pipeline, trucked exports via Turkey, strong domestic demand and the ramp up of deliveries from the Summail gas field into the Dohuk power station.
· The Company's 2014 production guidance is maintained at 60-70,000 boepd.
· The Company's 2014 revenue guidance is maintained at $500-600 million.

http://www.moneyam.com/action/news/showArticle?id=4842186

Unaudited results for the six months to 30 June 2014
Genel Energy plc ("Genel" or the "Company"), the London listed exploration and production company and largest independent oil producer in the Kurdistan Region of Iraq, announces its unaudited half year results to 30 June 2014

Highlights
§ Genel's operations in the Kurdistan Region of Iraq (KRI) remain safe and secure
§ Significant volume growth in H1 2014, average net working interest production of 63,000 boepd represents c.50% uplift on H1 2013
§ Progress towards sustainable KRI pipeline exports - first cargo lifted from Ceyhan in May and proceeds from first sale received in a Turkish bank account controlled by the Kurdistan Regional Government (KRG)
§ First gas from Summail development delivered to Dohuk Power Station in May
§ H1 2014 revenues of $192 million, up 20% on H1 2013, excludes $40 million of export revenue owed but not recognised
§ H1 2014 EBITDAX of $138 million, up 6% on H1 2013 principally as a result of higher revenue
§ Cash balances at end H1 2014 of $974 million following high-yield bond issue; net cash of $483 million at period end

Exploration update
§ Material Dilolo prospect offshore Angola spudded in June, drilling operations scheduled to take up to 5 months to complete
§ Nour prospect on Sidi Moussa licence offshore Morocco spudded in late July and is expected to take two to three months to complete

Outlook
§ 2014 production (60-70,000 boepd), revenue ($500-600 million) and capex guidance ($550-600 million) unchanged
§ Good progress negotiating a gas sales offtake agreement (GSOA) for Miran and Bina Bawi; expected to conclude by year-end 2014.

Commenting today Tony Hayward, chief executive, said:
"Operational momentum in the KRI is increasing, with the opening of the KRI-Turkey pipeline resulting in a significant rise in our production. Whilst we continue to monitor the situation closely, our operations in Kurdistan have been unaffected by events elsewhere in Iraq. The KRG has successfully sold oil exported through Ceyhan at international prices, and we expect our production to increase further in the second half of the year as sales become regular and payments predictable.

The signing of the gas sales offtake agreement for Miran and Bina Bawi will be transformational for our gas business, and will provide a clear path to monetisation of this world-class resource. With the GSOA expected to be signed before the end of the year, and drilling underway on high-impact prospects offshore Angola and Morocco, the Company is set to make material progress in the second half of 2014."

Update regarding Kurdistan Region of Iraq
"Following recent events in the vicinity of the Kurdistan Region of Iraq ('KRI'), Genel Energy plc can confirm that the Taq Taq and Tawke fields remain safe and secure. Operations there are unaffected, with combined gross production from both fields averaging c.230,000 bopd this week.

We remain confident in the Kurdistan Regional Government's ability to maintain the territorial integrity of both the KRI and oil infrastructure.

In line with moves by other operators, we are taking the prudent and precautionary step of withdrawing non-essential personnel from our non-producing assets in the region."

Getting hammered today.

Chart support at 720p?

Return to normal staffing levels in Kurdistan Region of Iraq
Genel Energy announces that, following a significant improvement in the security situation in the border region of the Kurdistan Region of Iraq ('KRI'), the Company has begun the process of returning staffing levels to normal. This follows the temporary and precautionary step of withdrawing non-essential personnel from non-producing assets.

Genel's primary consideration is the safety and wellbeing of our employees. The decision to resume full operations has been made following a close monitoring of the situation, and in consultation with the Kurdistan Regional Government, Foreign and Commonwealth Office of the British Government, and other well-placed authorities.

Genel's operations in the KRI remain safe and secure. Production at Taq Taq and Tawke has been entirely unaffected, and has risen to record levels. Since the start of September combined production from Taq Taq and Tawke has averaged c.234,000 bopd, with piped exports from both fields totalling an average of c.182,000 bopd, boosted by the recent upgrade work on the KRI-Turkey pipeline.

StockMarketWire.com
Genel Energy had noted today's announcements by its partners San Leon Energy and Serica Energy regarding the Sidi Moussa-1 well offshore Morocco, operated by Genel with a 60% working interest.

Genel confirms the information contained in the operational updates issued by its partners.

Genel says it is premature at this stage of operations and ahead of the forthcoming testing of the well to make any definitive technical interpretation.

Genel shall update the market on completion of operations.

Due to report on thursday.

http://www.scoop.it/t/aim-market-gossip



Analysts also expect Genel to unveil a landmark gas supply contract with Turkey. The explorer found a huge gas field it named Miran, but investors are reluctant to assign it a value because it was unclear how, or whether, it woud be developed. The expected deal could value Miran at as much as $2bn ( £1.3bn). Genel’s market value is £2bn.

Genel and Gulf Keystone declined to comment.

853.00
+99.00 (+13.13%)
live: 8:17AM GMT
Buy Volume 234,014 Trade Low 796.40
Sell Volume 141,879 Trade High 858.00
? Volume 4,016 VWAP 818.72
Total Volume 379,909 Prev da

http://www.cityam.com/1415594556/genel-poised-reveal-lucrative-turkey-gas-deal

Trading update and capital markets day preview
Genel Energy plc ("Genel" or "the Company") issues the following trading update and preview ahead of a capital markets day presentation for analysts and investors in London commencing at 14:00 GMT. The presentation materials will be published at 12:00 GMT on www.genelenergy.com with the event broadcast live on the website, and available for download shortly afterwards.

HIGHLIGHTS
· Genel and the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") have signed an agreement governing the development of the Miran and Bina Bawi gas fields, materially de-risking the gas business and unlocking significant value
· A total of c.23 million barrels of KRI pipeline crude have been exported from Ceyhan in 30 liftings, with a three month track record of predictable sales seeing 24 of these tankers sold and five en route to customers
· The KRG has given a firm commitment to paying contractors in full, with an initial payment to be made in November 2014 and further payments to follow on a regular basis. A normalised payment mechanism is expected in Q1 2015 as increasing pipeline exports deliver budget equilibrium for the KRG
· 2014 production and revenue guidance is unchanged at 60,000-70,000 boepd and revenue of $500-600 million
· 2015 production guidance is set at 90,000-100,000 boepd and revenue guidance at $500-600 million, based on a Brent price of $80/bbl
· Genel's operations in the Kurdistan Region of Iraq ("KRI") remain safe and secure.

http://www.moneyam.com/action/news/showArticle?id=4922489

Agreement with MNR for development of Miran and Bina Bawi

Agreement reached for acquisition of Bina Bawi stake from OMV

Genel Energy plc ("Genel" or "the Company") is pleased to announce that it has reached an agreement with the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") for the development of the Miran and Bina Bawi gas fields.

In addition, Genel has agreed key terms with OMV to acquire its 36% operated stake in the Bina Bawi gas field. The total consideration will be $150 million in cash. An initial payment of $20 million will be paid on completion of the deal, with the remaining $130 million paid in two instalments after first gas. This is subject to finalisation of documentation and OMV's corporate approvals.

The agreement with the MNR for the development of Miran and Bina Bawi states that:

· The Miran and Bina Bawi fields are to be combined under one Production Sharing Contract ("PSC"). This is expected to be approved by year-end 2014. Following approval, Genel will become the sole contractor and have a 100% equity interest in both fields
· The responsibilities of Genel will be drilling of the gas wells and installation of flowlines and first stage condensate separation at Miran and Bina Bawi. The Company will also be responsible for the development of the oil resources at Miran and Bina Bawi
· The KRG will assume responsibility for the gas treatment facilities and gas offtake arrangements from the fields
· The tender process for the gas treatment plant will commence in the first half of 2015 and first gas production for export will commence in H1 2018. The KRG also has an option to request gas for domestic consumption commencing in 2016
· Genel's entitlement will be 100% of oil revenues until all licence back costs are fully recovered. The Company's share of oil revenues will then revert to 50%. First oil production is expected in 2016
· Genel will also receive 100% of the revenues for condensate extracted at first stage separation and a fee of $0.78 per thousand cubic feet for the raw gas delivered into the gas treatment facilities

The Company expects that a final investment decision for the development of the fields will be made in H1 2015.

http://www.moneyam.com/action/news/showArticle?id=4922484

Kurdistan region, Baghdad reach deal on oil exports and payments

By Michael Georgy and Isabel Coles

BAGHDAD/ARBIL Thu Nov 13, 2014 2:53pm EST


Kurdistan regional government confirms deal with Baghdad over oil exports

(Reuters) - The government of Iraq and the semi-autonomous region of Kurdistan have reached a deal to ease tensions over Kurdish oil exports and civil service payments from Baghdad, Iraq's finance minister told Reuters on Thursday.

Hoshiyar Zebari said the central government had agreed for the time being to resume payments from the federal budget for Kurdish civil servants' salaries.

Zebari, who is a Kurd, described the step as a "major breakthrough" that would reduce friction between the KRG and Baghdad. He said the payments would cover October and then November.

The deal was reached after talks between Iraqi Oil Minister Adel Abdel Mehdi and Kurdish Prime Minister Nechirvan Barzani in the Kurdistan region on Thursday.

Baghdad stopped paying for KRG civil servant salaries in protest against the Kurds' exporting oil to Turkey independently.

Under the agreement, Iraqi Kurdistan will give 150,000 barrels per day of oil exports - equal to around half its overall shipments - to the federal budget.

In Arbil, the Kurdistan Regional Government (KRG) confirmed the agreement.

"What they have agreed is that Baghdad will release some funds - $500 million - and the KRG will give 150,000 barrels per day of oil to Baghdad," KRG spokesman Safeen Dizayee told Reuters.

EXPORTS STILL UNDER CONTROL OF KURDS

He said a KRG delegation headed by the prime minister would travel to Baghdad soon to hammer out a more comprehensive deal and the regional government would not hand over control of exports to Baghdad.

A similar agreement was proposed in April but never advanced to a deal.

In July, then Iraqi foreign minister Zebari said the Kurdish political bloc withdrew from the national government in protest against Prime Minister Nuri al-Maliki's accusation that Kurds were harbouring Islamist insurgents in their capital.

The Kurds later rejoined the administration. But tensions persisted.

Maliki, one of the most divisive figures to emerge from the U.S. occupation of Iraq, was later replaced by Haider al-Abadi.

He is seen as a moderate Shi'ite capable of cooperating with Sunni Muslims, Kurds and other sects.

Iraqi leaders are under pressure to bury differences in order to counter Islamic State militants who have seized chunks of the country in the north and west.

There are about 5 million Kurds in majority Arab Iraq, which has a population of more than 30 million. Most live in the north, where they run their own affairs, but remain reliant on Baghdad for a share of the national budget.

(Writing by Michael Georgy; Editing by Keiron Henderson)

Consolidation will cut the number of oil producers in Kurdistan by three-quarters within five years, Genel Energy Plc (GENL) Chief Executive Officer Tony Hayward said.

“It’s likely that we’ll end up with, perhaps, five or six of the largest companies operating with Genel, Exxon, Chevron ending up as major operators,” Hayward said in a Nov. 21 interview during the Atlantic Council conference in Istanbul. “It’s what happens in most hydrocarbon provinces.”

ExxonMobil Corp. (XOM), Chevron Corp. (CVX) and DNO ASA (DNO) of Norway are among more than two dozen international oil companies holding 35 licenses in the Kurdish Regional Government area. They export about 350,000 barrels a day of crude, pumping it through a Turkish pipeline to the Mediterranean.

Genel has spent more than $1 billion since 2012 on acquisitions in Kurdish-controlled northern Iraq, giving the London-based company joint ventures in seven of the region’s oil and gas fields. This month it agreed to pay $150 million for OMV AG’s 36 percent stake in Bina Bawi, making it the sole owner of the gas field.

“Having made four or five investments in the region, we are continuously looking for opportunities,” said Hayward.

Genel expects approval by the end of this year of an agreement signed with KRG last week to develop the Miran and Bina Bawi gas fields, which will start sending Turkey 4 billion cubic meters of gas a year from 2018. That export volume could more than double by 2020 and increase fivefold to 20 billion cubic meters by 2025, Hayward said.

Gas Reserves

Officials in Turkey said the country plans to build a pipeline to import the fuel.

Development starts next year at Miran, which has gas reserves of 4 trillion cubic feet, and Bina Bawi, with double that volume, according to Hayward. Genel will sell unprocessed gas from the two fields to KRG at a price of 78 U.S. cents per million British thermal units after investing in drilling wells and flow lines, he said.

“We will earn our return through the condensate we’ll strip from the gas and the oil associated with the gas field and KRG will get this gas at a very cheap price,” Hayward said. The KRG will build a gas-processing plant in which Turkish builders and lenders will participate, he said.

Genel, which doesn’t need partners for the gas fields, would need to spend about $1 billion over three years to develop them, Hayward said. KRG’s processing plant would cost as much as $6 billion, potentially with about half coming from Turkish bank loans and the remainder as equity from Turkish contractors, he said.

Lowest Cost

KRG will sell the gas to Turkey at $7 per million Btu, according to a 2013 agreement between the regional government and Turkey, he said. The wholesale market price for gas-fired power plants in Turkey is $10 to $11 per million Btu, Hayward said. Turkey imports almost all of its gas needs, with Russia supplying 60 percent.

“This is one of the lowest cost prices in the world today actually and right on the Turkish doorstep, only 100 kilometers away,” Hayward said. “Kurdish gas has certainly the potential to match Russian gas for Turkish market.”

Turkey plans to build a pipeline extension to the Iraqi border to import gas from Kurdistan, two Turkish officials with knowledge of the matter said last week. It would carry as much as 20 billion cubic meters of gas a year, one of them said.

StockMarketWire.com
Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30m from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq (KRI)-Turkey pipeline.

The Tawke field partners will also receive a $30 million gross payment. Genel's net share of these payments is $24 million.

Genel believes that this is an important first step towards the normalisation of payments for oil exported through the pipeline. Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015.

Oil exports by pipeline from the KRI continue to grow and recently exceeded 350,000 barrels of oil per day.

From the Times.


The Kurds and Baghdad have finally ended their bitter feud over how to share Iraq’s oil revenues, sending shares in London-listed Kurdish oil explorers soaring.
After more than five years of squabbling, the two sides have struck an agreement guaranteeing that oil producers in the Kurdish semi-autonomous region of Iraq will be paid in full.
Shares in Genel Energy, the explorer set up by Tony Hayward, the former chief executive of BP, rose by nearly 10 per cent, and Gulf Keystone’s stock closed up by 15 per cent.
Hoshiyar Zebari, the finance minister of Iraq, described the deal as a “win-win” for Baghdad and the Kurdish Regional Government.
Baghdad has agreed to allow the Kurds to export 300,000 barrels a day from Kirkuk, the northern city, and another 250,000 barrels a day from the northern Kurdish region through Turkey. In return, the Kurds will receive a 17 per cent share of Iraq’s national budget every month.

Bloomberg

Kurdistan Ripe for Consolidation as Oil Plunges, Genel Says
By Firat Kayakiran
December 17, 2014 12:04 PM EST

1

Genel Energy Plc (GENL), the company headed by former BP Plc Chief Executive Officer Tony Hayward, sees acquisition opportunities in Iraqi Kurdistan as oil prices plunge and the region resolves differences with Baghdad.

“We expect to see a lot of consolidation both in Kurdistan and globally,” Genel President Mehmet Sepil said in London today. “Most of the big companies were created through mergers at the time of political or economic crisis.”

Genel has spent about $1.4 billion on acquisitions and plans to continue to grow, Sepil said. While crude futures have slumped about 44 percent this year to trade below $55 in New York, the London-based explorer produces oil at a cost of $5 a barrel, Sepil said. “Even if the price falls to $20 a barrel, we are making a lot of profit.”

An agreement between the Kurdistan Regional Government and Baghdad over oil exports will create a wave of consolidation both in the semi-autonomous region and the country as a whole, Sepil said. Disagreement between the two authorities had slowed investment by forcing international companies to choose between them, he said.

Genel shares jumped 6.3 percent to 662.5 pence, valuing the company at 1.84 billion pounds ($2.88 billion) at the close in London.

Agreement Reached
The KRG is set to produce 1 million barrels of oil a day by the end of 2015, it said on Nov. 7. It plans to export 500,000 barrels a day via neighboring Turkey by the end of March. The region had been exporting oil in defiance of Baghdad until they reached an agreement last month on sharing revenue, paving the way for a broader agreement on the future of the region.

ExxonMobil Corp. and Chevron Corp. are among more than two dozen international oil companies with a combined 35 licenses in the area. The companies export about 400,000 barrels a day of crude, pumping most of it through a Turkish pipeline to the Mediterranean.

Kurdistan has become a key contributor to the Iraqi economy, Sepil said. The Kurds are protecting the oil fields from Islamic militants and provide stability and steady production, he said.

Kurdish forces helped to repel Islamic State militants who threatened the region’s energy boom by taking a vast swathe of northern Iraq and Syria this year.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Alex Devine, Dylan Griffiths

From lse

Mulder 699 posts

Genel IR call

I spoke with Genel Investor Relations earlier. (Much better than Anastasia!) They say all the oil companies are in the same boat. A further payment is imminent to all from the KRG but they would not tell me when. They also reassured me the earlier payment was definitely not a one off and that these would become regular in 'the foreseeable future'. Advised us all to be patient!