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United Kingdom

Genel Energy PLC (GENL.L)

GENL.L on London Stock Exchange

189.40GBp
24 May 2019
Change (% chg)

9.40 (+5.22%)
Prev Close
180.00
Open
183.00
Day's High
191.80
Day's Low
183.00
Volume
1,347,071
Avg. Vol
979,013
52-wk High
302.00
52-wk Low
151.20

Latest Key Developments (Source: Significant Developments)

Genel Energy Appoints Bill Higgs CEO
Monday, 8 Apr 2019 

April 8 (Reuters) - Genel Energy PLC ::APPOINTMENT OF CHIEF EXECUTIVE OFFICER.APPOINTMENT OF BILL HIGGS AS CHIEF EXECUTIVE OFFICER.ESA IKAHEIMONEN, CHIEF FINANCIAL OFFICER, HAS ALSO BEEN APPOINTED TO BOARD.  Full Article

Genel Energy FY Operating Loss $254.6 Mln Vs Profit Of $298.0 Mln
Wednesday, 20 Mar 2019 

March 20 (Reuters) - Genel Energy PLC ::REG-GENEL ENERGY PLC GENEL ENERGY PLC: FULL-YEAR RESULTS.GENEL ENERGY PLC - FY PRODUCTION 33,700 BOPD VERSUS 35,200 BOPD.GENEL ENERGY PLC - FY REVENUE $355.1 MILLION VERSUS $228.9 MILLION.GENEL ENERGY PLC - FY OPERATING LOSS $254.6 MILLION VERSUS PROFIT OF $298.0 MILLION.GENEL ENERGY PLC - FY FREE CASH FLOW $164.2 MILLION VERSUS $99.1 MILLION.GENEL ENERGY PLC - NET PRODUCTION DURING 2019 IS EXPECTED TO BE CLOSE TO Q4 2018 LEVELS OF 36,900 BOPD, AN INCREASE OF C.10% YEAR-ON-YEAR.GENEL ENERGY PLC - 2019 NET CAPITAL EXPENDITURE NOW FORECAST TO BE $150-170 MILLION (FROM C.$115 MILLION).GENEL ENERGY PLC - EXPECTS TO GENERATE MATERIAL FREE CASH FLOW OF OVER $100 MILLION IN 2019.GENEL ENERGY PLC - INTENDS TO PAY A MINIMUM DIVIDEND OF $40 MILLION PER ANNUM STARTING IN 2020.GENEL ENERGY PLC - 2019 OPEX AND G&A GUIDANCE UNCHANGED AT C.$30 MILLION AND C.$20 MILLION RESPECTIVELY.GENEL ENERGY PLC - CAPITAL EXPENDITURE GUIDANCE UPDATED TO INCLUDE SPEND ON SARTA AND QARA DAGH.GENEL- DUE TO FOCUS ON BINA BAWI DEVELOPMENT, AS CO CONTINUES TO SEE OPPORTUNITY IN LICENCE, HAS RESULTED IN ACCOUNTING IMPAIRMENT TO CARRYING VALUE.GENEL ENERGY PLC - PROGRESS ON REACHING AGREEMENT WITH KURDISTAN REGIONAL GOVERNMENT ('KRG') HAS BEEN CHALLENGING FOR BINA BAWI.GENEL- CONSTRUCTIVE TALKS CONTINUING FOR BINA BAWI, SIGNIFICANT FURTHER INVESTMENT IN LICENCE SUBJECT TO COMMERCIAL SOLUTION AGREED WITH KRG.  Full Article

Genel Energy Receives Kurdistan Regional Govt's Approval To Buy Stakes From Chevron In Sarta & Qara Dagh Blocks
Thursday, 28 Feb 2019 

Feb 28 (Reuters) - Genel Energy PLC ::UPDATE ON SARTA AND QARA DAGH.APPROVAL GIVEN BY KURDISTAN REGIONAL GOVERNMENT REGARDING ACQUISITION OF STAKES FROM CHEVRON IN SARTA AND QARA DAGH BLOCKS.BOOKED AN INITIAL 10 MMBBLS OF NET 2P RESERVES RELATING SOLELY TO PRELIMINARY PHASE OF PROJECT.UNRISKED GROSS MID CASE RESOURCES RELATING TO MUS-ADAIYAH RESERVOIR ONLY ARE ESTIMATED BY GENEL AT C.150 MMBBLS.OVERALL UNRISKED GROSS P50 RESOURCES RELATING TO MUS-ADAIYAH RESERVOIR CURRENTLY ESTIMATED BY COMPANY AT C.500 MMBBLS.CO NOW HOLDS 40% EQUITY IN QARA DAGH PSC AND IS OPERATOR, WITH CHEVRON HOLDING 40% AND KRG REMAINING 20%.  Full Article

Genel Energy Tawke License Production Averaged 113,041 Bopd During 2018
Thursday, 7 Feb 2019 

Feb 7 (Reuters) - Genel Energy PLC ::REG-GENEL ENERGY PLC GENEL ENERGY PLC: UPDATE ON TAWKE PSC.GENEL ENERGY PLC - GROSS PRODUCTION FROM TAWKE LICENSE, CONTAINING TAWKE AND PESHKABIR FIELDS, AVERAGED 113,041 BOPD DURING 2018.GENEL ENERGY PLC - PESHKABIR PRODUCTION FROM SIX WELLS AVERAGED 54,000 BOPD IN JANUARY 2019.GENEL ENERGY PLC - IN JANUARY 2019 TAWKE PRODUCTION AVERAGED 74,000 BOPD.  Full Article

Genel aims to grow portfolio to sustain dividend within 1-2 yrs-CFO
Tuesday, 15 Jan 2019 

Jan 15 (Reuters) - Genel Energy PLC ::GENEL CFO SAYS FOR ACQUISITIONS, WE ARE LOOKING FOR PRODUCING ASSETS OR ASSETS W SHORT CYCLE TO PRODUCTION, INSIDE OR OUTSIDE KURDISTAN.GENEL CFO SAYS WE HAVE HUNDREDS OF MILLIONS OF FIREPOWER FOR ACQUISITIONS, BUT 2X EBITDA IS LIMIT.GENEL CFO SAYS SEES COMMERCIAL AGREEMENT WITH KURDISTAN REGIONAL GOVERNMENT ON BINA BAWI PROJECT IN 2019.GENEL CFO SAYS AIMS TO GROW PORTFOLIO TO SUSTAIN DIVIDEND WITHIN 1-2 YRS.  Full Article

Genel Energy Says Production At Peshkabir Field In Kurdistan Ramped Up To 50,000 Bopd
Tuesday, 9 Oct 2018 

Oct 9 (Reuters) - Genel Energy PLC ::GENEL ENERGY PLC: UPDATE ON TAWKE PSC.PRODUCTION AT PESHKABIR FIELD IN KURDISTAN REGION OF IRAQ HAS RAMPED UP TO 50,000 BOPD.TAWKE PRODUCTION CURRENTLY STANDS AT JUST OVER 80,000 BOPD.  Full Article

DNO and Genel receive $69 mln in Tawke payment for May
Monday, 20 Aug 2018 

Aug 20 (Reuters) - DNO ASA ::REG-DNO REPORTS PAYMENT FOR TAWKE DELIVERIES.REPORTED RECEIPT OF USD 69.03 MILLION AS PAYMENT FOR MAY 2018 CRUDE OIL DELIVERIES TO EXPORT MARKET FROM TAWKE LICENSE IN KURDISTAN REGION OF IRAQ.FUNDS WILL BE SHARED BY DNO AND PARTNER GENEL ENERGY PLC PRO-RATA TO COMPANIES' INTERESTS IN LICENSE.SEPARATELY, A PAYMENT OF USD 5.99 MILLION HAS BEEN RECEIVED NET TO DNO, REPRESENTING THREE PERCENT OF GROSS TAWKE LICENSE REVENUES DURING MAY.FOLLOWING REGULARIZATION OF EXPORT PAYMENTS FOR TAWKE LICENSE PRODUCTION SINCE FEBRUARY 2016, COMPANY WILL NO LONGER MAKE MONTHLY RECEIPTS ANNOUNCEMENTS.COMPANY WILL INSTEAD UPDATE MARKET ON EXPORT VOLUMES AND VALUES AS PART OF ITS QUARTERLY FINANCIAL REPORTING.  Full Article

Genel Energy Affirms 2018 Production Forecast
Tuesday, 7 Aug 2018 

Aug 7 (Reuters) - Genel Energy PLC ::HY PRODUCTION WORKING INTEREST 32,100 BOPD VERSUS 37,100 BOPD.HY REVENUE $161.1 MILLION VERSUS $87.1 MILLION.HY OPERATING PROFIT $73.3 MILLION VERSUS $14.2 MILLION.CASH GENERATION EXPECTED TO REMAIN STRONG IN H2 2018, WITH MONTHLY FREE CASH FLOW OF OVER $10 MILLION.2018 PRODUCTION GUIDANCE OF C.32,800 BOPD REITERATED.2018 CAPITAL EXPENDITURE NET TO GENEL IS FORECAST TO BE $95-125 MILLION (PREVIOUSLY $95-140 MILLION).NET DEBT REDUCED SIGNIFICANTLY TO $64 MILLION COMPARED TO $135 MILLION AT END OF 2017; EXPECT TO BE IN NET CASH POSITION AROUND END OF 2018.  Full Article

Genel Gets $62.33 Mln From Kurdistan Regional Government As April Payment
Friday, 20 Jul 2018 

July 20 (Reuters) - Genel Energy PLC ::RECEIVED $62.33 MILLION FROM KURDISTAN REGIONAL GOVERNMENT AS PAYMENT FOR APRIL CRUDE OIL DELIVERIES TO EXPORT MARKET FROM TAWKE LICENCE.TAQ TAQ PARTNERS RECEIVED GROSS PAYMENT OF $6.53 MILLION FROM KRG FOR OIL SALES DURING APRIL;GENEL'S NET SHARE OF PAYMENT IS $3.59 MILLION.RECEIVED OVERRIDE PAYMENT OF $8.12 MILLION FROM KRG, REPRESENTING 4.5% OF TAWKE GROSS LICENCE REVENUES FOR APRIL.IN TOTAL, GENEL'S NET SHARE OF PAYMENTS RELATING TO APRIL 2018 EXPORTS TOTALS $27.26 MILLION.  Full Article

DNO and Genel receive $62.3 mln for April crude oil deliveries from Tawke license in Iraq
Friday, 20 Jul 2018 

July 20 (Reuters) - DNO ASA ::REG-DNO REPORTS PAYMENT FOR TAWKE DELIVERIES.TODAY REPORTED RECEIPT OF USD 62.33 MILLION AS PAYMENT FOR APRIL 2018 CRUDE OIL DELIVERIES TO EXPORT MARKET FROM TAWKE LICENSE IN THE KURDISTAN REGION OF IRAQ.FUNDS WILL BE SHARED BY DNO AND PARTNER GENEL ENERGY PLC PRO-RATA TO COMPANIES' INTERESTS IN LICENSE.SEPARATELY, A PAYMENT OF USD 5.41 MILLION HAS BEEN RECEIVED NET TO DNO.DNO OPERATES AND HAS A 75 PERCENT INTEREST IN THE TAWKE LICENSE, WHICH CONTAINS THE TAWKE AND PESHKABIR FIELDS.  Full Article

UPDATE 1-UK Stocks-Factors to watch on April 8

(Adds news items) April 8 Britain's FTSE 100 index opened flat at 7,448.09 on Monday. * DEBENHAMS: Sports Direct said on Monday it had offered to underwrite a 150 million pound ($196 million) rights issue at Debenhams in exchange for its boss Mike Ashley taking the top job at the ailing retailer. * NETWORK INTERNATONAL: Payments firm Network International , set to be London's biggest initial public offering of t