Bina Bawi Update

RNS Number : 5272B

Genel Energy PLC

04 April 2013

 



Genel Energy plc

4 April 2013

Genel Energy plc

Bina Bawi Extended Well Test start up and Declaration of Commerciality

Genel Energy plc ("Genel Energy") notes that OMV, as operator of the Bina Bawi field in the Kurdistan Region of Iraq, has today issued the following press release:

"An extended well test ("EWT") commenced production from the Bina Bawi-3 well on March 20, 2013. Furthermore the contractor group has submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG). 

The initial capacity of the EWT from Bina Bawi 3 is around 5,000 boe/d with the potential to expand beyond this level to approximately 10,000 boe/d, as future wells become available. The Bina Bawi field, located east of Erbil, is operated by OMV which holds a 36% stake, 44% is held by Genel Energy plc and a further 20% by the KRG.

A further extensive testing programme will be planned on the Bina Bawi 4 and 5 wells during the course of 2Q/2013, and the contractor group will be moving ahead with the preparation of a Field Development Plan for submission to the Ministry of Natural Resources of the KRG in 3Q/2013."

Commenting today, Charles Proctor, Head of Business Development for Genel, said:  "We are very pleased to reach these important milestones as we progress the development of Bina Bawi, the next world class field in Genel's KRG portfolio. We will continue to work closely with the operator OMV, to fully appraise the potential of this exciting field as it moves towards full field development."

-ends-

For further information, please contact:

Genel Energy Julian Metherell, Chief Financial Officer Natalie Fortescue, Investor Relations

[phone]

M: Communications Patrick d'Ancona Andrew Benbow

[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa.  For further information, please refer to www.genelenergy.com

 

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