Investors' Room :: GENEL; Tony Hayward former BP,back in the oil business. - MoneyAM - Free Share Prices, Stock Quotes, Charts, News, Level2

Page:
1
...
11
12
13
14
15
...
18

niceonecyril - 26 Dec 2011 18:34

Chart.aspx?Provider=EODIntra&Code=GENL&S

HARRYCAT - 24 Apr 2015 11:47 - 248 of 360

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

mentor - 24 Apr 2015 12:41 - 249 of 360

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

HARRYCAT - 30 Apr 2015 12:56 - 250 of 360

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

HARRYCAT - 13 Jul 2015 08:34 - 251 of 360

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."

HARRYCAT - 27 Jul 2015 09:22 - 252 of 360

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

HARRYCAT - 06 Aug 2015 08:09 - 253 of 360

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."

niceonecyril - 07 Aug 2015 09:06 - 254 of 360

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.

HARRYCAT - 08 Aug 2015 08:37 - 255 of 360

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.

HARRYCAT - 15 Sep 2015 08:06 - 256 of 360

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.

HARRYCAT - 22 Sep 2015 13:06 - 257 of 360

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.

HARRYCAT - 20 Oct 2015 08:09 - 258 of 360

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.

HARRYCAT - 29 Oct 2015 07:53 - 259 of 360

StockMarketWire.com
Genel Energy has sold a 20% participating interest in the Chia Surkh production sharing contract to Petoil Inc. As consideration for the sale of the 20% interest, Petoil will carry Genel's share of the costs associated with the Chia Surkh-12 ('CS-12') appraisal well.

The total cost of the CS-12 well is estimated at c.$50 million, with drilling expected to commence in Q1 2016. The drilling will help refine the contingent resource estimate for the Chia Surkh licence, which is currently estimated at 250 million barrels of oil equivalent. On completion of the transaction, which is subject to Kurdistan Regional Government ('KRG') approval, Petoil will transfer $10 million to Genel in the form of security which will be released at different stages of well operations in accordance with cash calls, well completion and testing.

The operatorship of the Chia Surkh PSC will also transfer from Genel to Petoil for the duration of the CS-12 well. On completion, Genel will have a 40% participating interest in the Chia Surkh licence, with Petoil at 40% and the KRG at 20%.

Chris Carson - 04 Nov 2015 11:41 - 260 of 360

Never traded this one Harry, had a spurt on last couple of days and on track to breach 25 and 50DMA. Watching.

HARRYCAT - 04 Nov 2015 11:43 - 261 of 360

Oil is currently up over $50 pb, so think that may be the reason for the rise here.

Chris Carson - 04 Nov 2015 11:47 - 262 of 360

Probably right.
LATEST BROKER VIEWS

Date Broker New target Recomm.
26 Oct Beaufort... N/A Speculative Buy
26 Oct Investec 445.00 Buy
21 Oct Beaufort... N/A Speculative Buy
21 Oct Barclays... 500.00 Equal weight
21 Oct JP Morgan... 610.00 Overweight
8 Oct JP Morgan... 610.00 Overweight
23 Sep Deutsche Bank 520.00 Buy
16 Sep JP Morgan... 700.00 Overweight
14 Sep Barclays... 500.00 Equal weight
11 Sep Canaccord... 560.00 Buy
Broker Recommendations for Genel Energy

Chris Carson - 04 Nov 2015 11:47 - 263 of 360

jimmy b - 04 Nov 2015 11:48 - 264 of 360

Same as PMO and TLW , once oil stops going up down they will go ,got to get in when things are bleak .

Chris Carson - 04 Nov 2015 11:50 - 265 of 360

Thanks Jimmy, back to trade what you know for me then :0)

jimmy b - 04 Nov 2015 11:53 - 266 of 360

Chris i missed this rise but i have bought PMO and TLW down low and sold on small rises , PMO below 70p and TLW below 200p .
I have not as yet bought this .
PS Tullow has been quite easy to read , as Buffet says buy when there is blood on the street and for me that applies to these smaller oilers .

Chris Carson - 04 Nov 2015 11:56 - 267 of 360

Ok Jimmy thanks.

Page:
1
...
11
12
13
14
15
...
18

Stockwatch	Level 2	Portfolio	Charts	Share Price	Awards	Market Scan	Videos	Broker Notes	Director Deals	Traders' Room
Funds	Trades	Terminal	Alerts	Heatmaps	News	Indices	Forward Diary	Forex Prices	Shares Magazine	Investors' Room
CFDs	Shares	SIPPs	ISAs	Forex	ETFs	Comparison Tables	Spread Betting

Stockwatch	Level 2	Portfolio	Charts	Share Price	Awards	Market Scan	Videos	Broker Notes	Director Deals	Traders' Room
Funds	Trades	Terminal	Alerts	Heatmaps	News	Indices	Forward Diary	Forex Prices	Shares Magazine	Investors' Room
CFDs	Shares	SIPPs	ISAs	Forex	ETFs	Comparison Tables	Spread Betting

GENEL; Tony Hayward former BP,back in the oil business. (GENL)