Genel Energy PLC: 2019 Awards - Notification of Transactions by PDMRs.
Genel Energy Genel has an update from Taq Taq this morning and the news from the field remains highly encouraging. The TT-20z well completed testing and is now producing at 2,000 bopd with a 24/64″ choke, this figure is expected to rise. (the maximum combined flow rate from 3 zones tested 4,000 bopd with a 40/60″ choke) Taq Taq is now producing a gross 15,500 bopd while Genel’s overall net production is 39,000 bopd. As I said, the field performance remains highly encouraging, this is proof of the remaining potential on the flanks of the Taq Taq field. Right now the rig moves off to drill the TT-33 well on the southern flank of the field. The Taq Taq wells are ‘an attractive capital allocation option’, as the company describes them and the economics are extremely good and add to the overall profile Genel is pursuing. Yet again more good news for Genel for whom the last few months has been very exciting, shareholders should be very happy.
Genel Energy PLC: Report on payments to governments.
Genel Energy Genel has announced that Murat Özgül is to step down from the board with immediate effect and that Bill Higgs is to succeed him as CEO. Murat will stay on as a special advisor to the board reflecting the importance of his influence and help at board level for so long. Bill Higgs is undoubtedly the best person to take over the reins and the succession process can be seen to have worked, indeed the fact that CFO Esa Ikaheimonen has also joined the board is further good news. This team, led by Bill will be the right one to take Genel up to the next level, he is not short of ambition having told me that he hoped to ‘double the size of the company in the not too distant future’. I recently interviewed Bill and have added the link below for those who may like to take another look. With a technical problem causing the blog to be delayed this morning I can now fit in the announcement that following a bondholder meeting this morning a waiver of the dividend restriction in 2019 has been confirmed. The board has recommended a final divvi of 10c per share or $27.9m and next year will be at least $40m and split between interim and final. Accordingly a 5c payout is planned for the interim announcement in August.
Kurdistan-focused oil producer Genel Energy (GENL) has appointed chief operating officer Bill Higgs as its chief executive, succeeding Murat Özgül. The latter will remain with the company as an adviser until early 2020, with a particular focus on progressing plans to develop the Bina Bawi gas field. Mr Higgs, alongside chief financial officer Esa Ikaheimonen, has been appointed to the Genel board.
Genel Energy PLC: Appointment of Chief Executive Officer.
Genel Energy PLC: Appointment of Financial Advisers.