Genel power issued the following buying and selling and operations update earlier of the organization’s full-12 months 2024 consequences, which are scheduled for launch on 18 March 2025. The statistics contained herein has now not been audited and may be problem to in addition overview.
Paul Weir, leader govt of Genel, stated:
“We begin 2025 with a commercial enterprise that has all of the building blocks essential to grow and emerge as greater a hit. Genel has a robust stability sheet, our generating fields inside the Tawke % form a world class asset that supplies tremendous coins era, even if handiest selling at closely discounted domestic fees. Genel has a compact, however incredibly professional and influenced paintings pressure, committed to delivery overall performance, execution of a increase method and pursuit of cost accretive acquisitions so as to geographically diversify us into reliable and predictable jurisdictions.
“We keep to paintings with friends and our host authorities to push for the conditions important to allow trying out of any new mechanism for exports. We note the current discussions of a revised finances regulation in Iraq that might offer the framework for a mechanism to fund the price of IOCs with the aid of the KRG on resumption of exports.
“consistent robust transport overall performance at Tawke noticed us whole every other 12 months of sturdy manufacturing and deliver complete 12 months loose cash waft of $19 million and an development in our internet coins position to $131 million.
“we’re very clear on what wishes to be achieved to supply on our method, add new property and construct a enterprise that provides steady price to its shareholders. The length of our work targeted on consolidation and performance improvement in 2024 has laid the principles for profitable destiny increase.”
2024 economic performance
operating interest average manufacturing of nineteen,650 bopd for the yr, accelerated from 12,410 bopd in 2023
All manufacturing offered into the home market at common $35/bbl (2023: $35/bbl)
closing out and finalising terms of exit from Taq Taq at minimal fee.
unfastened coins go with the flow of $19 million, in comparison to loose coins out drift of $seventy one million ultimate 12 months
stability sheet at 31 December 2024
general debt has been reduced from $248 million on the begin of the year to current $sixty six million
coins of $195 million (2023: $363 million)
internet coins of $131 million, an boom from $a hundred and twenty million on the begin of the year
Receivables
$107 million (under KBT pricing and apart from hobby) stays past due from the Kurdistan regional authorities (‘KRG’), although this is decreased via quantities owed to the KRG, which can be currently around $50 million
We retain to paintings closer to a plan for payment or agreement of amounts owed, and appropriate adjustment for fee and hobby
Arbitration
In December 2024 our subsidiary, Genel energy Miran Bina Bawi limited, misplaced the arbitration case added in opposition to it via the KRG concerning the KRG’s proper to terminate the Miran and Bina Bawi manufacturing Sharing Contracts
due to the extremely restrained grounds of enchantment against an LCIA Arbitration Award, no attraction has been made with the aid of Genel strength Miran Bina Bawi confined and the closing date for attraction has surpassed
The process below which the Tribunal determines the charges award to be made towards Genel strength Miran Bina Bawi restricted is now underway. the primary stage of that technique became for the KRG to submit its declare for fees incurred to the Tribunal. The KRG is claiming circa $36 million for charges incurred to the give up of November 2024. that is materially higher than all of the fees incurred by means of Genel energy Miran Bina Bawi limited throughout all tiers of the arbitration system which become started by using the KRG in 2021
the subsequent stage of the manner offers Genel energy Miran Bina Bawi constrained the possibility to make submissions to the Tribunal to challenge robustly the quantum of the KRG’s price claim, which will the final fees award being made for fees which can be moderately incurred, proportionate and additionally essential
KURDISTAN: TAWKE p.c activity AND manufacturing
this fall Gross manufacturing of 74,140 bopd (Q3 2024: 84,210 bopd) bought domestically at common $34/bbl (Q3 2024: $37/bbl), with common production for the 12 months seventy eight,615 bopd (H1 2024: seventy eight,050 bopd)
running interest manufacturing of 18,540 bopd in this autumn 2024 (21,050 bopd in Q3 2024)
3 wells that have been drilled in 2023 however no longer completed due to the closure of the Iraq-Türkiye Pipeline, have been delivered onstream midyear contributing 7,800 bopd to gross manufacturing, with further manufacturing brought from properly interventions paintings.
Discussions with the Regulator across the work programme for 2025 are ongoing
AFRICA EXPLORATION
On SL10B13 in Somaliland, we maintain to paintings in the direction of accomplishing situations that support drilling of the tremendously potential Toosan-1 exploration properly
On Lagzira in Morocco, we are running a farmout system in search of partners to check the newly high graded Banasa Prospect, which has been de-risked with the aid of 2024 seismic reprocessing
LEGACY KURDISTAN LICENCES
over the past two years we have taken steps to forestall spend that doesn’t represent appropriate investment and we have started the divestment or relinquishment of unprofitable assets
we are pleased to affirm that we have agreed phrases for divestment of the Taq Taq percent, so that it will put off the risk of any residual decommissioning liabilities. This divestment is now challenge to KRG approval
ESG
Emissions reduction: in partnership with DNO, Genel continues to be a part of the first related fuel Injection (AGI) task inside the KRI.
CDP climate danger rating of B for three consecutive years
Genel’s mobile medical sanatorium undertaking in Somaliland, which provides vital medical care for a number of the poorest people in Africa, released phase two of the venture in July, with a in addition 15,000 instances treated to take the whole cases treated to more than 30,000
OUTLOOK
With Tawke home income call for in 2025 anticipated to preserve at comparable tiers to 2024, the corporation expects its coins generation to cover its organisational costs – we can provide an replace on Tawke pastime and investment plans at our complete yr effects in March
We keep to work in the direction of a price plan for recovery of late receivables
The agency continues to development in the direction of building a enterprise with a robust stability sheet that can provide resilient, dependable, repeatable and varied coins flows that supports a dividend programme. The agency goals for the 12 months at the route to building that commercial enterprise include:
acquisition of new assets to feature reserves and diversify our cash era
restart of exports to get admission to global pricing
restoration of net amounts owed by using the KRG
in addition progress closer to drilling Toosan-1
farm-out of Lagzira
