June 6 Genel Energy's main Taq Taq oil
field in Iraqi Kurdistan has seen falling output in 2017 but the
rate of decline has slowed recently, the company said in a
statement prepared for its annual general meeting on Tuesday.
The oil producer said it would target further investment in
Taq Taq, and cautioned that "it remains too early to extrapolate
long-term conclusions" from oil field's production trends.
Genel co-founder Nathaniel Rothschild quit on Monday,
joining co-founder Tony Hayward, and chief financial officer Ben
Monaghan, who have announced plans to depart.
Hayward, formerly chief executive of BP, said in the
company's statement that its board composition is under review.
He will retire from the board on Tuesday.
Genel shares have plunged after two downgrades to reserves
at Taq Taq, failed exploration campaigns in Africa, political
unrest in Iraq and a sharp drop in oil prices since 2014.
(Reporting by Arathy S Nair in Bengaluru; editing by Jason