Rig Contract

RNS Number : 6811D

Genel Energy PLC

01 May 2013

 



1 May 2013

Genel Energy plc

("Genel Energy" or the "Company")

Genel Energy signs rig contract for offshore drilling programme

Genel Energy is pleased to announce that it has signed a drilling rig contract with Noble Corporation ("Noble") for its African offshore drilling programme. The Noble Paul Romano deepwater, semi-submersible rig will be used to deliver a high impact drilling campaign over a 2 year period, starting in the last quarter of 2013. The rig, which is currently undergoing a special 5 year class survey in Valletta, Malta, has a rated water depth of up to 1,800 metres and a drilling depth of approximately 7,500 metres.

AGR will be providing drilling management services.

Commenting on the secured rig contract, Dr. John Hurst, Head of Exploration for Genel, said:

"We are very pleased to have concluded the rig contract with Noble. This rig is capable of drilling all of Genel Energy's off shore wells in the African portfolio and will be available to us for our first well in the fourth quarter.  Securing the rig is an important component of our commitment to deliver an exploration drilling campaign of 5-6 high impact wells per annum, targeting over 3.3 billion boe of net unrisked prospective resources."

-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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