Capital Markets Day

RNS Number : 3273O

Genel Energy PLC

10 October 2012

 



10 October 2012

Genel Energy plc

("Genel Energy" or the "Company")

Capital Markets Day

Genel Energy is today hosting a Capital Markets Day for analysts and investors in London.

A strategy presentation will be given by the senior executive team providing operational, infrastructure and exploration updates. This follows significant acquisition activity and the Company's first moves outside of Kurdistan into Africa.

A live webcast will be available on the website (www.genelenergy.com) at 2.30pm, and will be available for download with the presentation shortly afterwards.

Tony Hayward, Chief Executive Officer of Genel Energy, said:

"In the Kurdistan Region of Iraq we have doubled the size of our business and created, alongside our existing oil business, the potential for a very significant gas business targeting the rapidly growing Turkish market. We have made excellent progress assembling a high impact African portfolio. At the same time we have strengthened our management, operational and technical capability in order to take advantage of the opportunities available to us.

Outside of the Kurdistan Region of Iraq, material equity in significant prospects in Somaliland, Morocco, Cote d'Ivoire and Malta, all have potential for over 250mmbbls gross reserves and give us material exposure at basin level. We aim to drill over five high impact exploration wells per annum, and across our portfolio we are now targeting unrisked prospective resources of 1.7bn bbl, with total working interest reserves and unrisked resources of 3.1 billion boe. Our strong financial position, with over $900 million cash on the balance sheet, means that we will continue to target those opportunities that we believe could provide significant value for shareholders." 

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For further information, please contact:

Genel Energy plc Julian Metherell Natalie Fortescue	[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 oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. For further information, please refer to www.genelenergy.com.

 

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