Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy Genel has announced the resumption of its share buy-back programme of up to $10m as previously announced. With previous purchases of just under $3m the company have scope for plenty more at the moment. With the normal comment that the current share price ‘significantly undervalues the company’s assets’ with which I concur, the use of the strong balance sheet to make the repurchase does indeed represent a value accretive use of its cash resources. Following a very good set of results this week this is a good way of investing the very strong cash flow.
Genel Energy PLC: Resumption of share buy-back.
Genel Energy Interims from Genel this morning which continue to show what a strong position the company is in. WI production averaged 37,400 b/d in H1 2019 an increase of 17% compared to 1H 2018 and FY guidance remains at ‘close to Q4 2018 levels of 36,900 b/d’ which would be a 10% increase y/y. Free cash generation of $57m in the half (70m) with $19m added post the period end which the company reminds investors gives annual fcf of c.20% of current market cap. The period ended with net cash of $56m (net debt $64m) and by 5th August the company had $390m of cash a net cash position of $92m. The period also included the Sarta and Qara Dagh assets with their opportunities for near term production and ‘material ‘ future growth potential as well as the payment of a 10c maiden dividend, the confirmation of a 5c interim and of course the share buy-back continues. Expect an active upcoming drilling programme with over ten wells set to be completed by early 2020 with a well location agreed at Qara Dagh and production from Sarta by ‘mid 2020’. The company continue to be in active discussions with the KRG regarding Bina Bawi, focussing on agreeing detailed commercial plans for the integrated Phase 1 oil and gas development and fdp’s. Genel is therefore in a very strong position, they are generating ‘material ‘ fcf and capex remains at the top end of guidance confirming continued investment across the board. They are also continuing to monitor value-accretive additions to the portfolio. With these key metrics in such a strong position the business looks remarkably good value as it generates cash to invest in the business and to have a highly rewarding return of cash to shareholders. The oil sector has been experiencing some investor push back of late but there can be few better opportunities than Genel which ticks all the investor boxes.
Genel Energy PLC: Total Voting Rights.
Genel Energy A Tawke PSC update from Genel this morning, 1H production of 71,700 bopd with three new wells brought onstream and a fourth, Viking-11 being added to support a 13 well programme in H2 including a deep well to test Jurassic potential at Tawke. Progress is being made on the Peshkabir-to-Tawke gas project ‘the first ever EOR project in Kurdistan’. After Tawke, Peshkabir is now the second largest IOC-operated field in the KRI where production averaged 55/- bopd in H1 2019 with two new production wells being brought onstream and four additional wells are currently drilling or scheduled to spud in H2.
Genel Energy PLC: Update on Tawke PSC.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy PLC: Total Voting Rights.
Genel Energy PLC: Transaction in Own Shares.
Genel Energy Plc
GENL.L
Genel Energy Plc
Bid
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Ask
  • High
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  • OPEN
    -
  • VOL
    -
  • MKT CAP
    -m
  • LOW
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  • CLOSE
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  • AVG VOL
    -
  • SHARES IN ISSUE
    279.24M

Classification

Market Indices-

Locations

HQ
5th Floor
36 Broadway
Victoria
London
W1S 4FE
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