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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

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.

Credit Suisse stays outperform on Genel, target cut to 1,045p from 1,095p.

Former BP Chief Sees Oil Price Rebound Soon
By Andy Tully - Thu, 23 April 2015 21:23

BP’s former CEO Tony Hayward agrees with OPEC that its strategy of maintaining the oil glut and thereby helping to drive down prices will quickly crush the US shale boom and that oil prices will rally sooner than many people expect.

Hayward, one of 42 speakers at the Financial Times’ Global Summit in Lausanne, Switzerland, on April 20-22, said the average global price of a barrel of crude will soon be around $80, up from the current price of about $60, demonstrating that OPEC is “the most successful cartel in history.”........ more

http://www.ft.com/cms/s/2/56c5749e-e8f7-11e4-b7e8-00144feab7de.html#axzz3YE4ZMn8j

Deutsche Bank stays buy on Genel, target cut to 700p from 750p.

StockMarketWire.com
Genel Energy chief executive Tony Hayward has taken over as chairman following the resignation of Rodney Chase.

Hayward - formerly head of BP - will be succeeded as CEO by Murat Ozgül, previously president, Turkey and the Kurdistan Region of Iraq.

Hayward will oversee the strategy of the company and the effective running of the board, with Murat focusing on the day-to-day management of Genel, including operational performance and the delivery of Genel's growth projects in the Kurdistan Region of Iraq.

"Hayward said: "Rodney has been a driving force in the establishment of Genel Energy as a respected London-listed company. It has been a great pleasure working with him, and on behalf of the Board and the Company I would like to express my sincere gratitude for his leadership through the IPO and over the past four years, which has helped make Genel the company it is today"

The company also issued a trading update. Hayward said: "Production has grown rapidly in the first half of the year, increasing 41% year on year, with operational delivery driving record volumes above 100,000 bopd net to Genel on peak days. This increase has been integral in helping the Kurdistan Regional Government achieve its export goals, and the KRG is firmly committed to ensuring companies are paid in full for their production.

"Over 600,000 bopd of exports are now flowing to Ceyhan and, as distribution of the resulting revenues stabilises, the KRG is moving towards a financial position from which to make export payments to contractors.

"Progress has also been made on our world-class Miran and Bina Bawi assets, the development of which provides a huge opportunity for both Genel and the Kurdistan Region of Iraq as a whole. We are now working on putting in place all of the components to progress this transformational project to its development and ultimate monetisation."

StockMarketWire.com
Genel Energy will announce its results for the six months ended 30 June on 6 August 2015.

StockMarketWire.com
Genel Energy's revenues rose to $199.3m in the six months to the end of June - up from $192.1m last time.

Earnings before interest, tax, depreciation, amortisation and exploration expense increased to $158.1m from $138.0m but pre-tax profits fell to $31.4m from $70.7m.

Chief executive Murat Ozgül said: "Genel's operating performance in the first half of 2015 was strong, with net working interest production up 41% to 88,800 bopd. In recent days the KRG has made a public commitment to pay international oil companies on a sustainable basis from September 2015. These regular and predictable payments will allow Genel to fully capitalise on our strategic opportunities.

"We remain committed to the Kurdistan Region of Iraq and will continue to invest in our existing oil fields while moving our major gas fields forward to development, creating significant value for both Genel and the KRG."

Genel oil situation in Kurdistan

1. Tony Hayward answered the Oil questions. Regarding getting paid. He is very confident the KRG will follow through. In essence, they do what they say they are going to do.

Pipeline started transporting Oil to Turkey yesterday. If there is a problem, they switch a valve, the Oil goes to the domestic market.

They were asked : KRG have advised they need 500,000 bopd to pay govt employees, Pershmerga etc, over and above this amount, what additional amount is needed to pay IOCs. What's the current position ?

Hayward advised, currently * 600,000 bopd being produced. They are strongly confident 700,000 + bopd will be produced by year end. Even at $ 50.00 Oil, * this amount is enough to pay all the basics and all the contractors.

2. By end 2016, they are looking to be producing 1,000,000 bopd. The Company and the whole region has the potential for large production increase.

3. The entire amount produced by Genel can be sold into the Local domestic market if needed. The current requirement capacity in the domestic market is between 120,000 to 150,000 bopd, Genel can provide up to 110,000 bopd.


50% of local sales is paid in advance. Both Genel and KRG though would like to see Oil being exported, better price.

4. KRG have stated, they would pay ongoing obligation from September then as the volumes rise in 2016 they will contribute to catching up on the receivables owed to Genel.

Hayward, said, once Genel are in a regular payment cycle, they will invest on a normal course.

5. No response from Baghdad to KRG announcement. ' Better to ask somebody else '.


Development of major gas agreement with Turkey.

A GSA has been discussed between the govts of Kurdistan and Turkey for two years. In the past six months the bones of this have been put together. 600 to 1,200 mill cu ft per day to Turkey at $ 1.20 from 2019.

KRG relationship with Turkey remains very strong. $ 10 billion bi-lateral trade agreement.

First Gas to Turkey in 2019. Looking for equity partnership with Turkey + financing debt Turkish banks keen + private companies. Turkish appetite huge for local gas. Project eminently more finance-able than otherwise could expect as have a Midstream ' vehicle ' in place.

Barclays note:
"Our view: Management’s commentary is consistent with our expectations, upbeat following the KRG’s recent commitment to providing some compensation for exports from September while underlining progress on the issue is required to justify further investment in Kurdistan. Revisions to the Miran-Bina Bawi fiscal arrangements require further analysis, but at this stage we believe tangible progress on the project is more significant than any minor revisions to its valuation. We reiterate our Overweight rating.
Preparing for export payments
The Taq Taq and Tawke fields continue to perform in line with guidance, averaging 88,000b/d net to Genel in H1/15. There is no change to FY15 guidance of 90-100,000b/d. Looking further ahead, we believe the following comment underlines the KRG’s need to act on export payments: “Further development activity on Genel’s producing KRI assets will depend on the evolution of payment for exports from both fields”. In our view, the outlook for 2016E production is subject the KRG following through on its stated to desire to begin transferring a portion of export revenues from September. We currently forecast 2016E net production of 127,600b/d.

Plans for three appraisal wells in Kurdistan during 2016 – Peshkabir, Ber Bahr and Chia Surkh – underline the potential for further growth within Genel’s existing portfolio and management’s eagerness to move these projects forwards. However, again we see this activity as dependent upon export payments materializing.
Miran-Bina Bawi fiscal term revisions
The original agreement for the Miran-Bina- Bawi oil and gas upstream project (announced in November 2014) have been revised. Genel states the project economics have been preserved and capex estimates look to be in line with prior guidance. The proposed gas price Genel is to receive has increased to $1.20/Mcf from $0.78/Mcf. However in our opinion, the re-introduction of an R-factor to determine profit sharing and 5% royalty on oil/condensate revenues may impact assets valuations that deviate from Genel’s planning assumptions on the outlook for oil prices. Our 816p/shr Tangible NAV includes 319p/share on a risked basis for the project.
Financials as expected
H1 revenue of $199m is consistent with the trading update, as is net debt of $216m. The P&L benefitted from lower than forecast Cost of Sales, resulting in EPS of $0.11 vs. our $0.06 estimate. We calculate Post-tax Cash Flow from Operations (exc. working capital) was $131m, in line with our forecast and underlining the portfolio’s ability to generate healthy cash flows in the current oil price environment. FY15 guidance is unchanged.

Update on acquisition of interest in the Bina Bawi field
Genel Energy plc is pleased to announce that on 14 September 2015 it signed a definitive sale and purchase agreement with OMV to acquire its 36% operated stake in the Bina Bawi field. Completion of the acquisition is subject only to government approval, which is expected shortly.

The consideration comprises an upfront payment of $5 million. A contingent payment of $70 million is payable once gas production exceeds agreed threshold volumes from the Miran and Bina Bawi fields. A further contingent payment of $75 million is payable two years after the date of the second payment.

In consideration of the Kurdistan Regional Government ('KRG') agreeing to the transfer of OMV's stake in the Bina Bawi field, on completion of the acquisition Genel will offset US$25 million against monies owed by the KRG to Genel in respect of past expenses incurred on the Miran field.

StockMarketWire.com
Genel Energy says that following approval from the Kurdistan Regional Government, the acquisition of OMV's 36% operated stake in the Bina Bawi field has completed. As a result, Genel now holds an 80% operated interest in Bina Bawi.

StockMarketWire.com
Genel Energy has described the third quarter as a turning point for the company.

Chief executive Murat Ozgül says September's payment for exports, coupled with local sales, has stabilised the receivable owed to the company by the Kurdistan Regional Government.

Ozgül continues: "An October payment for Taq Taq and Tawke is set to be received imminently. With total exports from the Kurdistan Region of Iraq again hitting record levels, and pipeline uptime improving, we have confidence in the KRG's commitment to make regular payments for oil exports." Financials: · Revenue for Q3 2015 of $77 million, with total revenue for the first nine months of 2015 of $276 million

· In the third quarter of 2015, the Company received cash proceeds of $45 million, which included domestic Kurdistan Region of Iraq ("KRI") sales proceeds and the September 2015 export payment of $24.5 million. The receipt of the September payment led to cash balances increasing by $7 million in the period to $481 million at 30 September 2015

· A further payment for Taq Taq and Tawke exports of $24.5 million is expected imminently

· Q3 2015 local sales proceeds of $20.5 million reflect Genel's ability to divert production into the local market at short notice during periods of export pipeline downtime

· Total cash proceeds from KRI domestic and export sales for the first nine months of 2015 were $95 million

· In Q3 2015, crude oil realisations averaged $37/bbl, a 52% decrease on Q3 2014, due to the impact of lower global oil prices

Receipt of payment for KRI oil exports from Taq Taq field
Genel Energy plc ('Genel') is pleased to announce that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel's share of the gross Taq Taq payment is $16.5 million.