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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

disaster beckons.

Genel Energy will announce results for the year ended 31 December on 3rd March 2016.

Taq Taq reserves update
Genel Energy issues the following announcement in respect of its reserves position at the Taq Taq field (Genel 44% working interest).

In its Trading and Operations Update on 20 January 2016, the Company announced that it was reviewing its Taq Taq reservoir model following production declines seen at the field during 2015.

The results of this internal review and the McDaniel & Associates ('McDaniel') Competent Person's Report ('CPR') on Taq Taq are now largely complete. The initial gross recoverable proven and probable ('2P') reserves (referred to in the industry as Estimated Ultimate Recovery, or EUR) estimated by McDaniel for Taq Taq are summarised in the table below:

Proven plus Probable (2P)
EUR as of 30 June 20111 , mmbbls683
EUR as of 31 December 2015, mmbbls 356
1. original McDaniel Taq Taq CPR (effective 30 June 2011)

As of 31 December 2015, the Taq Taq field had produced 184 mmbbls gross. The remaining gross recoverable 2P reserves estimate as of 31 December 2015 is therefore:
Proven plus Probable (2P) Reserves as of 31 December, mmbbls 172

The vast majority of the original Taq Taq oil in place was reservoired within fractures in Cretaceous carbonate formations. The Cretaceous has three principal producing units - the Qamchuqa, Kometan and Shiranish - with the Shiranish being the shallowest interval. Genel's internal Taq Taq review and the CPR process have focused on the fracture porosity within the Shiranish reservoir. Both processes have utilised recently acquired data to establish that the fracture porosity within the Shiranish is lower than estimated in the original McDaniel CPR dated 30 June 2011.

The updated McDaniel CPR will be completed shortly.

Genel currently anticipates that gross Taq Taq production will average c.80,000 bopd in 2016. Gross Taq Taq production is currently estimated at 65-75,000 bopd and 50-70,000 bopd in 2017 and 2018 respectively.

The Company's production guidance of 60-70,000 bopd for 2016 is unchanged.

Genel expects to record an impairment, subject to audit, of approximately $1 billion to the Taq Taq field carrying value in its 2015 accounts. The impairment includes the revised assumptions on recoverable reserves announced today and the impact of lower oil prices.

Barclays comment:
"Our view: Although a reserve downgrade at Taq Taq was previously flagged and therefore should have been widely anticipated, we believe the scale of the cut is likely to surprise many investors. Trading at a 48% discount to our current 237p/share Core NAV, versus a peer group average premium to Core NAV of 9% we believe the stock was already pricing in a significant portion of the reserve cut.
Taq Taq gross 2P reserves have been reduced from 683mmbbls to 356mmbbls on an estimated ultimate recovery basis. With 184mmbbls produced by the end of 2015, remaining gross 2P reserves now stand at 172mmbbls. The cut – following an internal review and updated Competent Person’s Report – therefore represents a 65% cut in remaining 2P reserves versus the current assumption within our Genel NAV. We have previously stated that a 25% cut in reserves would result in a ~20% reduction in our valuation of the asset – Genel’s 44% stake in Taq Taq is the company’s most material asset within our 320p/share Tangible NAV.
Genel expect completion of the updated CPR shortly, but have stated the reserve downgrade should have no impact on 2016 production guidance of 60-70,000b/d. Taq Taq is forecast to produce 80,000b/d gross in 2016, but is then scheduled to decline in 2017-18. Our current valuation assumes a ramp-up to ~150,000b/d.
The reserve update combined with a lower oil price outlook is set to result in a ~$1bn impairment charge on the asset in Genel’s FY15 results, due to be published on 3 March."

CitiBank comment:
"Significant downgrade to reserves at its core Taq Taq asset.
Genel has reduced the expected gross ultimate recovery from its Taq Taq field from 683mbbls to 356mbbls due to revised assumptions on the fracture porosity within the Shiranish reservoir at the field. As a result of this reserve downgrade, Genel also expects to record an impairment of c.US$1bn due to a lower carrying value for the Taq Taq field in its FY15 results, which is c.28% of its current equity value. Our Buy-case on Genel was based on a view that despite the political uncertainties in the Kurdistan region, Genel held a significant low cost resource base that was undervalued and remained relevant to the wider industry. However, the news today changes this investment thesis and also makes it more challenging for Genel to fund its Miran gas development, in our view. We reduce our core NAV to 120p/share and downgrade Genel Energy to Neutral/High Risk (2H).
Recoverable resource at the Tawke field will be questioned
The cut to the Taq Taq resource base creates increased uncertainty on the underlying assumptions (and ultimate resource recovery) at the DNO-operated Tawke field. DNO is currently preparing an updated resource report for the Tawke field. We have increased the risking of the valuation of the Tawke field to 85% (from 90%) in our Genel NAV.
Ability to fund its major gas development becomes more challenging
With a significant cut to reserves and consequently future cashflows from its core Taq Taq field, we believe the ability for Genel to finance the development of its Miran/Bina Bawi gas development becomes more challenging. Genel has estimated upstream capex of c.US$1bn before first gas. We have moved our valuation of Genel’s gas development from core NAV to base NAV given this uncertainty.
Updating NAV and estimates, downgrading to Neutral
We have lowered our core NAV to 120p/share to reflect the lower reserves at Taq Taq, increased risking of the Tawke field moving the Miran/Bina Bawi gas field into base NAV. With continued political uncertainty (and ongoing pipeline issues), we believe Genel could trade at a discount to core NAV in the near-term."

Stay clear this could be 25p sometime.

Investec today reaffirms its buy investment rating on Genel Energy PLC (LON:GENL) and raised its price target to 245p (from 230p).

Is - HARRY - out of pocket already with today's buys?
a little bird told me he bought today two lots average under 80p
silly boy wait for tomorrow, the rule is buy the second day of falling heavily

No mentor.......Harry didn't buy recently.....he bought ages ago at a much higher price. Fortunately only a small stake so can wait awhile before averaging down.

oh, so is the serial abuser back again under yet another alias?

mentor got so hammered on several stocks that he just vanished ,after telling everyone else they were stupid. :)

I wondered what happened to him .

i suspect he still posts under that moniker on advfn, but as i restrict myself to a single thread there, and he hasn't infected that, i'm not certain

JP Morgan Cazenove today reaffirms its overweight investment rating on Genel Energy PLC (LON:GENL) and cut its price target to 248p (from 410p).

on what planet are these guys living?

Mea culpa - HARRY- but I am -pim - someone is copying your post then, but (he) also follows TLW, MONI, PMO, BARC, GLEN, like you.
Strange but true, or someone is telling porkies?

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downbutnotout- 29 Feb 2016 Mon 12:43
Posts: 2,614
RE: TLW
i made 2 buys of GENL. average under 80p. so im in a small paper profit at the mo. seems to be recovering slowly now.
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HARRYCAT - 29 Feb 2016 13:44 - 287 of 293
Investec today reaffirms its buy investment rating on Genel Energy PLC (LON:GENL) and raised its price target to 245p (from 230p).
------------------
downbutnotout 29 Feb 2016 Mon 15:05
Posts: 2,618
Investec today reaffirms its buy investment rating on Genel Energy PLC (LON:GENL) and raised its price target to 245p (from 230p).

some nasty people around this place, they look like a pack of wild dogs, or maybe are hyenas

edited - well has double up, the post not the share price

StockMarketWire.com
Genel Energy's pre-tax losses rose to USD1.2bn in the year to the end of December - up from USD312.8m in 2014.

Revenues fell to USD343.9m from USD519.7m and earnings before interest, tax, depreciation, amortisation, impairment and exploration expense fell to USD279.4m from USD410.6m.

Chairman Tony Hayward said: "The sustained low oil price has placed a significant strain on both the industry and the economy of the Kurdistan Region of Iraq.

"As the external environment has deteriorated, we have been proactive in ensuring that your Company remains robust. Our production costs are amongst the lowest globally, and our asset base allows us to flex our capital expenditure programme to align with our cashflow and to preserve a robust balance sheet.

"Despite the reserve reassessment and write down at Taq Taq, which is very disappointing, our asset base remains strong, with many years of production ahead of us.

"Despite the difficulties of the external environment, 2015 saw record production for Genel, up 22%. Payments for pipeline exports in the second half of the year, followed by a payment mechanism being confirmed in 2016, both demonstrated the firm commitment of the Kurdistan Regional Government to fully compensate IOCs for all production, both in the past and going forward."

Chief executive Murat Ozgul said: "We recognise and share the disappointment of the recent Taq Taq reserves update. Both Taq Taq and Tawke remain low-cost oil fields by any global benchmark. The fields are set to be significantly cash generative going forward, with a discretionary investment programme aiming to maximise the value of the remaining reserves. Our 264 million barrels of net 2P reserves comprise a robust oil business well positioned in the current oil price environment.

"The instigation of the new payment mechanism by the KRG Ministry of Natural Resources in February 2016 provided clarity over the timing and quantum of our monthly receipts for export payments, recognising our receivable and putting in place the process through which it will be recovered.

"We are now starting to make real progress in the development planning for our KRI gas business. It remains a unique opportunity underpinned by a government signed gas sales agreement."

JP Morgan Cazenove today reaffirms its overweight investment rating on Genel Energy PLC (LON:GENL) and cut its price target to 237p (from 248p).