24.01.2024 08:00:06
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Genel Energy PLC: Trading and operations update
Genel Energy PLC (GENL)
24 January 2024
Genel Energy plc Trading and operations update
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in advance of the Company's full-year 2023 results, which are scheduled for release on 26 March 2024. The information contained herein has not been audited and may be subject to further review.
Paul Weir, Chief Executive of Genel, said: “Since the suspension of exports through the Iraq-Türkiye pipeline in March last year, we have reshaped the business to provide long-term resilience and maximise potential upside exposure for shareholders.
We have cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales. We have well over a hundred million dollars in net cash, and expect to be in a position where domestic proceeds, if sustained at levels seen in the fourth quarter of 2023, would mean that our income covers our ongoing costs from March onwards, once Sarta and the arbitration hearing workstreams are complete. We also continue to work hard to add new assets to increase and diversify our income streams.
The past six months have included significant work, and effective spend, on efficiently closing out our activity on Sarta and minimising our footprint and cost base in Kurdistan. Our workforce has been reduced by over two thirds in the year. We have progressed civils work in Somaliland, and we continue to defend shareholder value as we progress our arbitration claim regarding the Miran and Bina Bawi oil and gas assets.
There is real potential in 2024 for significant improvement in cash generation and delivery of shareholder value from multiple catalysts – the resumption of exports and regular payments, clarity on the timing of the recovery of $107 million of receivables, delivery on our strategy to add new assets to diversify our production portfolio, and a successful arbitration result and subsequent collection.”
2023 PERFORMANCE
2024 OUTLOOK AND GUIDANCE
UPDATE ON IRAQ-TÜRKIYE PIPELINE
ARBITRATION
OPERATIONS
Monthly costs have been reduced to below $1 million, with further cuts expected
Genel will also host a live presentation on the Investor Meet Company platform today at 1000 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Genel Energy PLC via: https://www.investormeetcompany.com/genel-energy-plc/register-investor
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For further information, please contact:
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.: | 299221 |
EQS News ID: | 1821409 |
End of Announcement | EQS News Service |
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