Genel Energy PLC (GENL)
9 May 2024
Genel Energy plc Trading and operations update
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2024, ahead of the Company's Annual General Meeting, which is being held today.
Paul Weir, Chief Executive of Genel, said: “We have achieved balanced income and expenditure in the first quarter of the year, which is ahead of schedule. Local sales from the Tawke licence have been robust to date, with the sales price increasing marginally and demand staying strong, and we continue to expect income to cover our spend over the course of the full year. Local sales volumes going forward will continue to be dependent on demand, the view of the field partners on reservoir management, and whether investment would be cost effective and deliver value to shareholders.
The business is in a robust financial position, with multiple potential catalysts for the delivery of significant shareholder value ahead.”
FINANCIAL
PRODUCTION AND OPERATIONS
ARBITRATION
OUTLOOK
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This announcement includes inside information.
Notes to editors: Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | JE00B55Q3P39, NO0010894330 |
Category Code: | TST |
TIDM: | GENL |
LEI Code: | 549300IVCJDWC3LR8F94 |
Sequence No.: | 320346 |
EQS News ID: | 1899141 |
End of Announcement | EQS News Service |
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