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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

Genel Energy PLC (LON:GENL) shares tumbled as tensions rose over the future of the region in northern Iraq.

The Kurdish population voted overwhelmingly in favour of independence (it got 93% of the vote) in a referendum earlier this week, and the apparent mandate has not been well received in Baghdad.

Iraq’s central government has reportedly suspended all international flights into Erbil, the Kurdish regional capital.

The country’s prime minister Haider al-Abadi refused to recognise the result.

Baghdad claims the vote was an unconstitutional move to take control over oil revenues in the region and nearby disputed territories like Kirkuk.

Some 650,000 barrels of oil is produced per day in the region, with 150,000 bopd coming out of Kirkuk.

Brendan Long, analyst at WH Ireland, said: “Shutting in production would be easily done by neighbours that are all hostile to an independent and thriving Kurdistan.”

“The threat of logistical isolation at minimum would cut production growth to a halt.”

He pointed to new risks including potential impediments to western engineers and oil service personnel, access to equipment, potential problems for oil trading.

Long added: “Iraq has called for diplomatic missions to be recalled from Erbil, which we consider to be very hostile given the implication that their security may be at risk.”

Real threat of war developing more quickly

Looking specifically at the potential impacts on producers in the country, such as GKP and Genel, he highlighted: “With a potential war looming and limited support from OECD countries so far, the KRG may be inclined to hoard cash, potentially putting stresses on cash payments to oil companies operating in the region.

“We have been watching this simmer for years and see the recent escalation as an unprecedented flare-up with a real threat of war developing more quickly than we had envisaged.”

Tehran is taking a stance against the Kurdistan Regional Government by temporarily halting oil product shipments into the semi-autonomous region, according to reports emerging from the area.

The Iran Road Maintenance and Transport Organization also banned oil product trades from the KRG to Iran, Tasnim news agency said.

The move comes just days after the Iraqi Kurds voted to secede from Iraq and form their own government, despite opposition from Baghdad and the international community. Next, the KRG is due to set up a committee that will negotiate the terms of the secession with Iraq in a process expected to take years to complete.

"Our relationship with the Kurds, in our view, will not change," said U.S. State Department spokesperson Heather Nauert during a press briefing on Thursday. The U.S. had previously opposed having the referendum, preferring, instead, for all Iraqis to be focused on rebuilding a war-torn nation.

Iran’s investment in the Kurdish population of Iraq has been great. According to Foreign Affairs, the nation is the only one with a substantial Kurdish population to maintain good relations with Erbil over several decades.

Update on Tawke PSC
Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC, has today issued an update on licence activity.

The Peshkabir-3 well on the Tawke PSC is currently undergoing extended production testing across a horizontal section in excess of 1.2 kilometres of Cretaceous and Jurassic aged reservoirs. A total of ten oil zones and one gas zone have been identified for testing. The first oil zone tested flowed in excess of 3,000 bopd on a 64/64" choke.

The Peshkabir-2 well continues to produce at a steady rate of 4,700 bopd from one of four production zones and is commingled with over 100,000 bopd from the adjacent Tawke field for export. The Peshkabir early production facility remains on track for start-up by year-end 2017.

Operations and investment activity at the Tawke PSC continue uninterrupted.

StockMarketWire.com
Genel Energy is to carry out at a 3D seismic campaign across the Sidi Moussa licence following an agreement over its remaining exploration commitment on the acreage with the Moroccan government.

Genel said its previous commitment to drill one well on the licence has been replaced by an undertaking to carry out a 3D seismic campaign across the Sidi Moussa acreage.

It said planning had started, with seismic acquisition expected to begin in 2018.

It said the current phase of the licence had been extended until February 2020. Genel said the 3D seismic was expected to materially de-risk the prospectivity of the Sidi Moussa licence.

Genel also said it noted that DNO ASA, as operator of the Tawke PSC, had today issued an update on licence activity.

The Peshkabir-3 well on the Tawke PSC is currently undergoing extended production testing across a horizontal section in excess of 1.2 kilometres of Cretaceous and Jurassic aged reservoirs.

A total of ten oil zones and one gas zone have been identified for testing. The first oil zone tested flowed in excess of 3,000 bopd on a 64/64" choke. The Peshkabir-2 well continues to produce at a steady rate of 4,700 bopd from one of four production zones and is commingled with over 100,000 bopd from the adjacent Tawke field for export.

The Peshkabir early production facility remains on track for start-up by year-end 2017.

StockMarketWire.com
Genel Energy said the TT-29w well, which was drilled to appraise the northern flank of the Taq Taq field, had been completed as a producer after successfully encountering oil bearing Cretaceous reservoirs.

Genel - which has a 44% working interest in the field - said the well was drilled to a measured depth of 3,100 metres and encountered good quality oil bearing Cretaceous Shiranish and Kometan reservoirs.

Six zones were subsequently tested over a 20 day period, with test rates of up to 6,400 bpd (40/64 inch choke) of 48 degrees API oil delivered from individual zones.

Four of the five tests in the Shiranish produced dry oil, with one test tight. The Kometan reservoir test produced oil with a 40-50% water cut, confirming the oil water contact within the Kometan reservoir at this location in the field.

TT-29w production has commenced from the Lower Shiranish reservoir at a rate of 3,200 bpd of dry oil on a restricted 24/64 inch choke, with the expectation that this rate will increase following an initial observation period.

Genel said: 'The TT-29w well has proved a current oil water contact at this location on the northern flank of the field at a level at least 145 metres deeper than pre-drill estimates.

'Combined with the testing results, management is optimistic for the potential of the northern flank of the Taq Taq field.

'However, it is too early to estimate what impact the well result will have on reserves, long-term production rates or future investment activity in the northern flank and the field as a whole.' Genel said that in addition to the positive result from TT-29w, the TT-30 Pilaspi well was also successfully drilled as a producer in November and is currently producing around c.650 bopd.

A further Pilaspi development well (TT-31) is planned before the end of 2017.

Gross production from the Taq Taq field is currently 15,100 bopd.

StockMarketWire.com
Genel Energy said an evaluation by RPS Energy Consultants had confirmed a significant upgrade to the combined 2C gross raw gas resource estimate for the Bina Bawi and Miran West fields.

The evaluation was carried out as part of RPS's work on the updated competent person's reports for the fields.

Genel said the RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 Bscf, a figure which excludes associated condensate volumes attributable to the upstream partners.

The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 MMstb.

As at end-2016 Genel's reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe, which related to Genel's respective 80% and 75% interests in the Bina Bawi and Miran PSCs at that time.

In February 2017 the company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf).

The 2018 RPS estimates of combined 2C resources from both fields have increased c.40% compared to the pro-forma end-2016 2C resource.

StockMarketWire.com
Genel Energy said it had the solid platform and financial flexibility needed to execute its growth plans during 2018 and beyond.

Genel said a strong final quarter of 2017 completed a very positive year for the company.

It said 2017 net production averaged 35,200 bopd, with Q4 averaging 32,760 bopd.

Genel said combined net production from the Tawke and Taq Taq PSCs during 2018 was expected to be close to Q4 2017 levels.

Chief executive Murat Ozgul said: 'During the quarter, the successful Peshkabir-3 well result tripled production at the field to c.15,000 bopd, a figure that is expected to grow in 2018, while at Taq Taq the TT-29w well was brought on production.

'Payments for oil sales were received from the Kurdistan Regional Government in every month of 2017, totalling over $260m net to Genel and leading to $140m of free cash flow in the year.

'The 2017 payments were bolstered by the receipt of override payments in the fourth quarter under the receivable settlement agreement, and payments have continued in early 2018.

'The recently announced CPRs reaffirmed the potential of the Bina Bawi and Miran fields, with combined 1C gross raw gas resource estimates higher than the gas volumes agreed under the gas lifting agreements.

'The upstream field development plans are expected to complete shortly, and will help define the roadmap to unlocking the value in these major resources.

'The successful debt refinancing in late 2017, and the expectation of ongoing material free cash flow, provides us with a solid platform and financial flexibility to execute our growth plans during 2018 and beyond.'

StockMarketWire.com
Genel Energy said Wednesday production would be slightly ahead of guidance as output from its Peshkabir field in Iraq exceeded expectations.

Average net production for 2018 expected would be slightly above guidance of about 32,800 barrels of oil a day, and the exit rate production at the end of the year was expected 'considerably higher' than this figure, the company said.

The upbeat outlook on production were supported by positive results from wells at Peshkabir, which were expected to lead to a 'material' increased reserves, the company added.

For the three months to 30 September, the company production averaged 33,700 barrels of oil a day received cash proceeds of $85m, taking the total cash proceeds received so far this year to $236m.

Capital expenditure for 2018 was expected to be towards the bottom end of the previously stated $95m-to-125m guidance range, while operating expenditure for 2018 was expected to come in at about $25m, lower than previous guidance of about $30m. 'Genel continues to rapidly increase both production and cash, and is now in a net cash position, said Murat Ozgul, Chief Executive of Genel. 'Peshkabir is once again exceeding expectations, and drilling on the Taq Taq and Tawke fields provides the potential for working interest production to continue to grow. This can further increase our already material free cash flow generation. With notable opportunities in the portfolio, Genel is well positioned to generate significant shareholder value.'