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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

Receipt of payment for KRI oil exports from Tawke field
Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $16.3 million from the Kurdistan Regional Government for oil sales during April 2016.

The payment follows the receipt of $16 million as announced on 27 May 2016.

The payment completes settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales, an amount that incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.

The payment will be shared pro-rata by DNO and Genel.

StockMarketWire.com
Equity research analysts at Barclays Capital say now might be a good time to "pause for thought" in respect of Kurdistan focussed oil and gas company Genel Energy (LON:GENL), given the share price recovery which has taken place since the Taq Taq reserve downgrade in February.

The broker reckons that, while the company is still providing exposure to improving payments for oil exports in Kurdistan, further material upside will now depend on it advancing the Miran Bina Bawi gas project.

It added: "We believe this can become a highly accretive project for Genel, but do not expect investors to ascribe significant value to the opportunity until the commercial arrangements are concluded and development timescales confirmed."

Barclays has downgraded its investment rating to underweight from overweight but increased its price target to 130 pence per share from 115 pence.

StockMarketWire.com
Genel Energy has noted the announcement from DNO ASA, as operator of the Tawke field, that the field partners have received a payment of $15.0 million from the Kurdistan Regional Government for oil sales during May 2016.

The payment reflects part settlement of the invoiced amount of $39.28 million for May 2016 Tawke oil sales. This figure incorporates $32.95 million towards contractor monthly entitlement and $6.34 million towards recovery of historical receivables.

The payment will be shared pro-rata by DNO and Genel. Tawke production in May averaged 117,757 barrels of oil per day (bopd), of which 114,848 bopd were earmarked for export.

StockMarketWire.com
Genel Energy has noted the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $24.28 million from the Kurdistan Regional Government for oil sales during May 2016. The payment follows the receipt of $15 million as announced on 21 June 2016. The payment completes settlement of the invoiced amount of $39.28 million for May 2016 Tawke oil sales, an amount that incorporates $32.95 million towards contractor monthly entitlement and $6.34 million towards recovery of historical receivables. The payment will be shared pro-rata by DNO and Genel.

Is that more then they have been getting per month from Tawke?
Good news if so....

Goldman Sachs today reaffirms its neutral investment rating on Genel Energy PLC (LON:GENL) and raised its price target to 141.80p (from 113.90p).

Bought some earlier @ 121.90p

Time for the bounce
Today 11:39
Bought some at 121.90p
reason why below....

Oil price on the way up for the last couple days and the stock is today starting to move higher after being at oversold position at this point.

chart with Indicators

Genel Energy PLC (GENL) Given ” Buy” Rating at Canaccord Genuity

Posted by Donnie Miller on Jul 11th, 2016

Genel Energy PLC (LON:GENL)‘s stock had its ” buy” rating restated by research analysts at Canaccord Genuity in a report issued on Monday. They currently have a GBX 195 ($2.59) price target on the stock.
Canaccord Genuity’s target price would suggest a potential upside of 61.83% from the stock’s previous close.

A number of other analysts have also recently weighed in on GENL. Liberum Capital reaffirmed a “hold” rating and issued a GBX 100 ($1.33) price objective on shares of Genel Energy PLC in a report on Friday, March 18th.
Barclays PLC reaffirmed an “overweight” rating and issued a GBX 130 ($1.73) price objective on shares of Genel Energy PLC in a report on Monday, March 21st.
Deutsche Bank AG reaffirmed a “buy” rating on shares of Genel Energy PLC in a report on Wednesday, March 23rd.
Jefferies Group cut shares of Genel Energy PLC to an “underperform” rating and dropped their price objective for the stock from GBX 248 ($3.29) to GBX 62 ($0.82) in a report on Thursday, April 7th.
Finally, Goldman Sachs Group Inc. lowered their target price on shares of Genel Energy PLC from GBX 123.40 ($1.64) to GBX 113.90 ($1.51) and set a “neutral” rating on the stock in a research note on Tuesday, May 3rd.

Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of GBX 235.06 ($3.12).

Genel Energy PLC (LON:GENL) opened at 120.625 on Monday. The company’s 50 day moving average is GBX 131.24 and its 200 day moving average is GBX 117.80. Genel Energy PLC has a 52 week low of GBX 71.75 and a 52 week high of GBX 481.50. The stock’s market cap is GBX 335.80 million.

Genel Energy Plc is a holding company. The Company is engaged in the business of oil and gas exploration and production in the Kurdistan Region of Iraq (KRI). The Company’s segments include Kurdistan and Africa. The Company has interests in approximately two producing fields in the Kurdistan Region of Iraq, Taq Taq and Tawke, with access to local and international markets

"Oil outlook; where are oil prices heading" ?

oil-outlook-where-are-oil-prices-heading

StockMarketWire.com
Genel Energy notes the announcement from DNO ASA, operator of the Tawke field, that three new production wells have been completed at the Tawke field in the Kurdistan Region of Iraq as part of a stepped up drilling program kicked off in July 2016.

The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on production following an acid stimulation program.

Two additional wells targeting the shallow Jeribe reservoir, Tawke-33 and Tawke-34, are also being readied for production. A further Jeribe well, Tawke-37, will be spudded next week.

The four wells are expected to cost less than $20 million in total and add about 10 percent to field output capacity.

Earlier this month the Peshkabir-2 well was spudded, aiming to appraise the Jurassic reservoir and explore the Cretaceous horizon on a previous discovery to the west of the main Tawke field.

This well marks the completion of the current drilling program at the Tawke license which was initiated on the back of monthly export payments from the Kurdistan Regional Government.

Plans to engage a third drilling rig were dropped in September though the company expects to re-start investments to boost production to a targeted level of 135,000 bopd following the resumption of regular and predictable payments.

Tawke production during the third quarter averaged 109,159 bopd, of which 108,759 bopd was delivered for export through Turkey.

GMP comment:
"Genel Energy (GENL LN); SPECULATIVE BUY: £3.50 – DNO (DNO NO) (not covered) announces an operating update in Kurdistan. Plans to engage a third drilling rig were dropped in September due to irregular payments from the KRG. The company expects to re-start investment to boost production at Tawke (Genel WI: 25%) to a targeted level of 135,000 bbl/d following the resumption of regular and predictable payments. Tawke oil production during 3Q16 averaged 109,159 bbl/d (GMPe: 120 mbbl/d).
Market reaction: slightly negative on what looks to be a more muted production outlook by DNO. This should not come as a big surprise to investors given the ongoing payment difficulties with the KRG. Genel has in any case a more prudent view on Tawke. The ongoing four well campaign is expected to boost Tawke production to c.120 mbbl/d (+10%) excluding natural decline. This level would be marginally below our forecast of 125 mbbl/d for 4Q16. This probably means that Genel’s FY16 production will be near the lower end of the Company’s guidance of 53-60 mbbl/d."

Trading and operations update
Genel Energy plc issues the following trading and operations update in respect of Q3 2016. The information contained herein has not been audited and may be subject to further review.

Murat Özgül, Chief Executive of Genel, said:
"Genel has received $163 million in cash proceeds during 2016, underpinning the drilling of successful production wells across Taq Taq and Tawke.

The KRG has made significant progress in restructuring the region's economy. With export volumes at Ceyhan having increased following a new deal with the federal government, and the recent recovery in the oil price, this bodes well for the region's cash flows. Despite the recent delay in payments, we remain optimistic that they will continue, facilitating further investment across our KRI assets."

http://www.moneyam.com/action/news/showArticle?id=5437792

Another GKP on the cards......no proper regular payments..

Biggest faller today.

Canaccord Genuity today downgrades its investment rating on Genel Energy PLC (LON:GENL) to speculative buy (from buy) and cut its price target to 150p (from 195p).

Barclays Capital today (05/12/16) reaffirms its equal weight investment rating on Genel Energy PLC (LON:GENL) and raised its price target to 130p (from 120p)

Goldman Sachs today (16/12/16) reaffirms its neutral investment rating on Genel Energy PLC (LON:GENL) and cut its price target to 78.20p (from 78.70p).

Numis today (23/12/16) reaffirms its buy investment rating on Genel Energy PLC (LON:GENL) and cut its price target to 175p (from 180p).

StockMarketWire.com
Genel Energy says the third and final well of the 2016 Taq Taq drilling programme, TT-16y, has been successfully drilled and completed in the main Shiranish reservoir.

The well is naturally flowing at c.8,000 barrelsof oil per day.

Genel - which has a 44% working interest in the field - said gross Taq Taq production is currently c.40,000 bopd, with Q4 2016 averaging 45,000 bopd to date.

The Pilaspi reservoir is being readied for production in January 2017, and is expected to contribute c.3,000 bopd. The three Shiranish wells (TT-27x, TT-07z, and TT-16y) drilled in the 2016 campaign are currently producing a combined c.9,000 bopd. Discussions are ongoing between the Taq Taq partners over a potential workover of TT-07z.

This well flowed on test at 5,000-9,000 bopd, although as a result of mechanical issues experienced during well completion activities TT-07z has recently been producing at 400 bopd. Genel's net working interest production from the Taq Taq and Tawke fields has averaged 53,500 bopd in 2016 to date.

Genel Energy plc notes the announcement made this morning by DNO ASA, as operator of the Tawke licence (Genel 25% working interest).

The Peshkabir-2 well currently drilling on the Tawke PSC has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field.

The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 170-metre interval. Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 300 metres.

Peshkabir-2 was spudded last October to explore the Cretaceous horizon and appraise the previously tested deeper Jurassic reservoir on a 2012 discovery 18 kilometres to the west of the Tawke field.

The well, currently drilling ahead of schedule and under budget, is expected to reach total depth of 3,500 metres and will be completed in the Jurassic by early February. Pre-spud estimates for drilling, open hole testing of the Cretaceous and completion stood at $17.5 million.

The Tawke partners are considering a number of options to step up the appraisal of the new Cretaceous discovery, including a geological side-track in the central part of the Peshkabir structure or a third well. Options are also under consideration for possible early Peshkabir production and trucking to the Tawke field's gathering, processing facility and export facilities at Fishkabur some 12 kilometres away.

The Tawke partners will provide an update on the resource potential of both the Cretaceous and Jurassic horizons following post well evaluation of all data acquired during Peshakabir-2 operations.

StockMarketWire.com
Genel Energy said 2016 was a major step forward for the monetisation of oil exports from the Kurdistan Region of Iraq.

Chief executive Murat Ozgul said: "We received $207m in cash proceeds for oil sales and receivable recovery.

"These payments in turn allowed for work programmes to resume at Taq Taq and Tawke.

"The KRG has confirmed that payments will continue, allowing us to plan with confidence for 2017."

Genel's net production averaged 53,300 barrels of oil per day in 2016.

Looking ahead, the company said production guidance for 2017 was set at 35-43,000 bopd.

It said: this assumed the delivery of the Taq Taq work programme and a prudent level of contingency with respect to the Tawke operator's current 2017 production expectation.

It added: "The work programmes at Taq Taq and Tawke are subject to change depending on the results of development drilling and payments from the KRG for current sales and receivable recovery

"Capital expenditure, net to Genel, at the Taq Taq and Tawke fields in 2017 is forecast at $50-75m.

"Expenditure on the KRI gas business is estimated at $10m."

Capex on the 2017 Africa exploration programme is estimated at $40m, which includes c.$30m Morocco exploration expense.

It said 2017 operating expenditure, net to Genel, at the Taq Taq and Tawke fields was estimated at $30-35m.

Jefferies comment:
"Company production guidance for 2017 is set at 35-43,000bpd which puts JEFe 42,270kbpd at the upper end of the range but means consensus will move down from its 51,600kbpd level. Mid-point of GENL's 2017 guidance would be -27% y/y from the 53,300bpd average Group production reported for 2016 (which itself was -37% y/y from 84,900bpd ave. Group production in 2015).
GENL's 2016 net production was split 50:50 between Taq Taq (GENL 44% WI of 60,100kbpd gross production) and Tawke (GENL 25% Wi of 107,300kbpd gross production). But new 2017 guidance emphasizes the differing fortunes of the fields as Taq Taq is expected to average 24-31,000bpd in 2017 (-54% y/y at the mid point!) whereas Tawke "is expected to remain stable at the current (Jan 2017) rate of 115,000bpd (+7% y/y from107.3kbpd gross in 2016).
Firm 2017 Taq Taq work program includes only one workover and one new appraisal well in the north of the field with further work contingent on "regular & predictable" KRG payments and partner approval. An updated Field Development Plan and CPR for Taq Taq are both "on track for completion in 1Q17". It is virtually certain, in our view, that this CPR will result in a further downgrade of "Estimated Ultimate Recovery (EUR) at the Taq Taq field from the 356mmb gross 2P reserves estimated on 29 Feb 2016, which was a 48% reduction from 683mmb previously. The stability of production at Tawke is therefore the most important positive factor in a GENL investment case. Tawke will also see further production support drilling/workover in 2017 as well as appraisal of the adjacent Peshkabir discovery is ongoing and with it the possibility of early production via Tawke facilities.
Capex of $61m in 2016 is forecast to rise to $100 - 125m overall in 2017 of which $50 - 75m is for Taq Taq & Tawke, $10m is for KRI gas business (Miran/Bina Bawi) and $40m is for African exploration (of which $30m is future Morocco exploration commitment and we note GENL is in discussions with over the nature, scope & timing of this activity).
Net Debt of $240m at 31 Dec 2016 is slightly ahead of our $227m estimate and made up of $408m unrestricted cash balances and ~$650m bond (7.5% coupon, due May 2019). With all the issues GENL faces it is a relative positive that net debt is flat on $239m reported at 31 Dec 2015. Considering our production estimate for 2017 is inline and assuming Genel are able to defer most of that $30m Morroco exploration commitment we would expect the company to cover its costs in 2017 and even generate FCF of $20-30m.
The KRI gas assets of Miran (75% WI) and Bina Bawi (80% WI) are expected to record a material impairment in 2016 accounts from the current $1.427bn carrying value (this in addition to the $198m carrying value impairment of the separate Chia Surkh asset already guided to). Efforts are continuing to farm-down the Miran/Bina Bawi licenses but with "firm 2017 activity expected to be largely technical and commercial in nature" the project continues to be stalled (and remains outside our PT) without a farm-in partner able to truly move the project further."

Barclays Capital today reaffirms its equal weight investment rating on Genel Energy PLC (LON:GENL) and cut its price target to 90p (from 100p).

StockMarketWire.com
Genel Energy has finalised documentation of previously agreed terms of amended and restated production sharing contracts and gas lifting agreements for both the Miran and Bina Bawi gas fields.

The amended and restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the term sheets signed in 2015 by Genel and the Kurdistan Regional Government.

With the PSC and GLA terms formally confirmed, Genel will now be able to progress the project.

The company said it remained committed to developing these large scale, low-cost, onshore gas fields, which would form the cornerstone of gas exports to Turkey under the 2013 KRG-Turkey gas sales agreement.