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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

StockMarketWire.com
Goldman Sachs has upgraded its recommendation on Kirdistan focused independent oil producer Genel (LON:GENL) to 'buy' from 'neutral', stating that it believes the stock offers an attractive risk / reward opportunity on a strategic asset base.

The broker added: "If regular and sustainable oil export payments can be achieved, this would not only de-risk visibility on company cash flows, but also remove a key hurdle for future accretive asset disposals, which we see as the longer term driver for Genel's valuation."

Nevertheless, analysts have cut their target price to 850 pence per share from 1,280 pence.

Separately, Deutsche Bank repeated its 'buy' call but lowered its target to 800 pence from 1,000 pence, which it said was after stress-testing balance sheets in the sector down to $50

StockMarketWire.com
Genel Energy lowered revenues guidance for this year and expects revenue for 2014 to be towards the lower end of the $500m-600m guidance range, in line with consensus.

In 2014, crude oil realisations averaged $73 per barrel, an 11% increase on 2013. Pipeline export realisations from Taq Taq and Tawke are estimated at $77/bbl while Taq Taq domestic market sales (including Bazian refinery) realised $75/bbl, a 6% increase on 2013. Tawke domestic market sales realised $56/bbl, a 7% decrease on 2013.

Genel's revenue guidance for 2015 has been revised from $500m-600m at a Brent price of $80/bbl to $350m-400m at a Brent price of $50/bbl.

The company says a combination of low development and operating costs and production sharing contract structure creates a robust Kurdistan Region of Iraq oil business very resilient to sustained low oil prices.

Genel produced 69,000 barrels of oil equivalent per day in 2014 - an increase of 58% year-on-year with significant further growth expected this year.

"Only two more categories now and the first is to look at the potential for Genel and Gulf Keystone in Kurdistan. These stocks have had an additional bumpy ride as not only have they had the oil price to contend with but by being where they are they have a geo-political risk factor. Genel has not only Taq Taq and Tawke to give them massive increases in production this year but also have the gas development at Miran which I have always said is the jewel in the crown. The market is concerned about payments for their crude from the KRG but I believe that it is not in the interests of the Government not to pay them and in due course this will happen. Genel is a major beneficiary of Turkey’s ongoing need for energy and with significant booked reserves of oil and gas should be on the shopping list of any cash-rich major as it is just too cheap in the long run. As for GKP it too must be looking very interesting at around 50p, at long last the company has hit the targets it set itself and although it too is awaiting payments for crude oil delivered it will also get paid. There is little doubt that once payments start becoming more regular the company can beef up its operation and will deliver value for shareholders. I think that GKP could easily get taken over as now it has started proper production from Shaikan and with modest pipeline connections can steadily increase its oil sales." -

HTTP://www.malcysblog.com/2015/01/oil-price-the-bucket-list-and-finally/

Thanks for posting that cyril ,i bookmarked that site ,useful to read ..

HTTp://news.sky.com/story/1419273/ex-bp-boss-hayward-lures-monaghan-to-genel

New CFO for Genel

By Mark Kleinman, City Editor

The oil company led by Tony Hayward, the former boss of BP, is poised to announce a shake-up of its executive team four years after it was founded.

Sky News has learned that Genel Energy, which is listed on the London Stock Exchange, will issue a statement on Monday in which it will say that Julian Metherell is to step down as its chief financial officer.

Mr Metherell, a former partner at Goldman Sachs, is expected to retire at Genel's annual meeting in the spring, having played a key role in the company's development.

He will be replaced by Ben Monaghan, one of the City's top oil and gas sector bankers.

I went long here at 618P this morning ,it's trading at nearly a year low ,i shall be out very quickly with a small profit hopefully .

Oil on a run again ,i might hold a bit longer here .

Out for 30 points .

Nice trade jimmy.

Thanks Chris , i should have dived in on TLW as well this morning .

I must say i see these oil stocks as day trades at the moment ,if you can grab a few points ,in and out .

Your probably right Jimmy, I'm hoping TLW can push on has breached 50DMA. Probably tank now :0)

http://www.investmentu.com/article/detail/43176/interview-john-hofmeister-shell-oil#.VNVLSubEDke

Thanks Cyril interesting article.

Yes cheers cyril .

Removed old news.

StockMarketWire.com
Genel Energy posts a pre-tax loss of $312.8m for the year to the end of December against a profit of $186.5m in 2013.

The company - the largest independent oil producer in the Kurdistan Region of Iraq - said revenues rose by 49% to $520m and earnings before interest, tax, depreciation, amortisation and exploration expense increased to $410.6m from $274.8m.

Production in 2014 rose by 58% year-on-year to 69,000 barrels of oil equivalent per day and the group expects significant further growth this year.

Chief executive Tony Hayward said: "2014 was a year of significant growth for Genel. Operational progress and the completion of the KRI-Turkey pipeline helped to drive production up 58%, which in turn led to an increase in both revenue and EBITDAX of almost 50%. Growth is set to continue in 2015, with production forecast to rise by a further 40%.

"At a time of a depressed oil price we remain focused on the importance of a robust balance sheet. Genel's financial flexibility is a significant strength, and allows us to target spending on growth at our producing assets in the KRI, as we wait for the economic situation in Iraq to improve sufficiently to facilitate regular export payments.

"In the first quarter of 2015 we have stepped up the domestic monetisation of our KRI production. Given that this production is amongst the lowest-cost in the world, and domestic realisations strong, this provides a significant interim source of revenue until predictable export payments are in place. We expect to receive regular payments for exports as we move through 2015."

DeutscheBank note:
"A solid set of results that should reassure that Genel’s balance sheet and ability to generate cash in the domestic market is capable of absorbing a period of uncertainty over export payments. Revenue for 2014 came in at $520m, ahead of consensus ($501m) and in line with company guidance for 'low-end' of $500-600m. Production of 69.4kboe/d is consistent with January's trading statement, as is the level of cash generation and year-end cash balance of $489m. As expected, Genel has moved to accrual accounting at year-end and booked a $233m receivable for Kurdistan export sales that have been completed but revenue has not yet been received. Detail provided on the temporary domestic sales arrangement is encouraging, particularly on price realisation. A domestic price of $40-45/bbl (Brent less transportation) for Taq Taq's light oil is much stronger than we had anticipated and above guidance of 'mid $30's' from other operator's, albeit for different fields where crude quality is somewhat lower. The outlook for 2015 has been maintained with production of 90-100kboe/d, sales of $350-400m (at $50 Brent) and capex of $200-250m (- 70% Y/Y). Operationally, installation of temporary production facilities at Taq Taq to increase capacity to 150kb/d is on track for completion in 1Q15.
Expansion of production facilities at Tawke towards 200kb/d also appears on track for early 2015. Elsewhere, no further investment is planned at the underperforming Dohuk gas field and minimal levels of production are now expected. As a consequence, 2P reserves have been de-booked and an $81m impairment has been taken."

Genel expressed optimism on Thursday that the resolution of a longstanding Iraqi government dispute could soon enable the Kurdistan oil explorer to secure regular payment for its crude exports.

A disagreement between the Kurdistan Regional Government and Iraq’s federal administration over the distribution of oil revenues led to the freezing of payments by Baghdad to the KRG. This in turn resulted in the KRG not paying Genel and other oil producers in the region for much of their oil exports.

**However, this week the KRG was paid $208m by the Iraqi government, following an agreement between Erbil and Baghdad aimed at resolving the dispute over oil revenues and other federal funds.**

http://www.ft.com/cms/s/0/76d8c972-c33e-11e4-9c27-00144feab7de.html#axzz3TYNXQjax

Completion of private placement of U.S. $230 million senior unsecured bonds
Genel Energy ("Genel") plc is pleased to announce that it has priced an issue of U.S. $230 million in senior unsecured bonds ("the Bonds") due 14 May 2019 on the same commercial terms as the existing GENEL01 PRO U.S. $500 million bond. The Bonds were issued at a market price in line with the trading level of GENEL01 PRO.

Fosun Group was a lead investor in the bond issue.

Financial discipline and a robust balance sheet are crucial in the oil and gas industry, and a source of competitive advantage at a time of low oil prices. The net proceeds of the Bonds will be used to underpin Genel's financial strength and provide flexibility to implement our refocused Kurdistan Region of Iraq ("KRI") strategy. After the successful issuance of the Bonds, the average cost of debt on the Company balance sheet is 8.7%.

In the KRI, production at the Taq Taq and Tawke fields continues to increase as planned. New gross daily production records have been set at both fields, with Taq Taq production having recently surpassed 142,000 bopd, and Tawke 147,000 bopd.

The temporary domestic market sales channel, implemented by the Kurdistan Regional Government ("KRG"), under which contractors receive 50% of domestic sales proceeds, has run successfully for Taq Taq through February and March 2015. Around 30-40,000 bopd continues to be sold locally, and cash received in line with expectation. Domestic sales from Tawke have increased throughout March.

Ticking up quite nicely.