Genel Energy has announced that McDaniel and Associates (‘McDaniel’) has completed the competent person’s report (‘CPR’) relating to the oil reserves at Taq Taq as at 31 December 2018.

Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision of reserves, resulting in a 62% reserves replacement at the 1P level.

This revision does not take into account the recent positive results from the TT-32 well, which completed in 2019 and is currently adding over 3,000 bopd to field production.

Drilling in 2019 is targeting opportunities on the flanks of the field, with the TT-20z well nearing completion and three others then to follow. Should the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a significant year-on-year production increase, with room for further growth in 2020.

The Company expects to announce CPR reports for other assets in the portfolio prior to the announcement of full-year results on 20 March 2019.

(Source: Genel Energy)

Shares in DNO ASA, the Norwegian oil and gas operator, were trading up five percent on Monday afternoon following the company’s announcemnt that it has replaced 2018 production through additions to reserves, marking the second consecutive year in which the Company’s replacement of proven reserves reached or exceeded 100 percent of production.

“DNO’s stellar record of reserves replacement through the drill bit is a result of stepped up spending on our portfolio of quality assets coupled with rapid-fire execution,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “And the barrels we continue to add are among the lowest cost in the industry, anywhere,” he expounded.

Yearend 2018 Company Working Interest (CWI) proven (1P) reserves stood at 240 million barrels of oil (MMbbls), unchanged from yearend 2017 after adjusting for production and technical revisions. On a CWI proven and probable (2P) reserves basis, DNO replaced 98 percent of its 2018 production, exiting the year with CWI 2P reserves of 376 MMbbls (384 MMbbls in 2017).

At 2018 production rates, DNO’s 1P reserves life is 8.2 years and its 2P reserves life is 12.9 years.

Significantly, the Company’s 1P reserves replacement ratio (RRR) has reached or exceeded 100 percent in eight of the past ten years.

On a gross basis, at the Tawke license in the Kurdistan region of Iraq containing the Tawke and Peshkabir fields, yearend 2018 1P reserves stood at 348 MMbbls, unchanged from 2017 after adjusting for production of 41 MMbbls and upward technical revisions of 41 MMbbls. Tawke license 2P reserves stood at 502 MMbbls (513 MMbbls in 2017) and proven, probable and possible (3P) reserves at 697 MMbbls (880 MMbbls in 2017).

Broken down by field, Tawke field gross 1P reserves stood at 294 MMbbls (335 MMbbls in 2017), 2P reserves at 376 MMbbls (438 MMbbls in 2017) and 3P reserves at 477 MMbbls (588 MMbbls in 2017). Peshkabir field gross 1P reserves stood 54 MMbbls (13 MMbbls in 2017), 2P reserves at 126 MMbbls (75 MMbbls in 2017) and 3P reserves at 220 MMbbls (292 MMbbls in 2017).

International petroleum consultants DeGolyer and MacNaughton carried out the annual independent assessment of the Tawke license. The Company internally assessed the remaining licenses in its portfolio.

The 2018 Annual Statement of Reserves and Resources, prepared and published in accordance with Oslo Stock Exchange listing and disclosure requirements (Circular No. 1/2013), is attached and is also available on the Company’s website at www.dno.no.

(Sources: DNO, Yahoo!)

Genel Energy has announced an update on activity at the Taq Taq Field (Genel 44% working interest).

Testing of the TT-32 well has now completed. The well flowed oil from three separate zones, with a maximum individual zone flow rate of c.5,500 bopd with a 36/64″ choke.

The free water level was encountered at 1458 metres, which was 29 metres deeper than the pre-drill estimate and only 57 metres above the original field-wide FWL. The oil column at the TT-32 well location is 169 metres. TT-32 has further demonstrated the remaining potential on the flanks of Taq Taq Field.

The well has now entered production at an initial rate of 3,100 bopd with a 24/64″ choke, ahead of previous expectations. With the inclusion of this production, gross production from the Taq Taq Field is currently c.13,750 bopd.

The horizontal sidetrack well TT-20z spud on 11 January. This well is targeting production from the Shiranish Formation on the western flank of the field, and drilling operations are expected to complete in mid-February.

Three further wells are scheduled to be drilled in 2019, as Genel continues to target the flanks of the field with the aim of delivering a year-on-year production increase.

(Source: Genel Energy)

Genel Energy has issued the following trading and operations update in advance of the Company’s full-year 2018 results, which are scheduled for release on 20 March 2019. The information contained herein has not been audited and may be subject to further review.

Murat Özgül, Chief Executive of Genel, said:

2018 was a very positive year for Genel, which saw us generate material free cash flow and further transform the balance sheet. An expected year-on-year increase in production means we are set to continue this performance in 2019, with low-cost assets forecast to generate over $100 million in free cash flow even if the oil price averages $45/bbl.

“As we generate cash we will continue to invest in the business to maximise the value of our existing portfolio. We are also working hard to bring in new assets that are complementary to our cash generation story. We are focused on building a stronger company with sustainable and material cash flow and multiple growth opportunities from which to create significant shareholder value.

FINANCIAL PERFORMANCE

  • $335 million of cash proceeds were received in 2018 ($263 million in 2017), an increase of 27%, of which $98 million was received in Q4
  • Free cash flow totalled $164 million in 2018 ($99 million in 2017), an increase of 66%, representing a free cash flow yield of 27% on the year-end share price
  • Unrestricted cash balances at 31 December 2018 were $334 million ($162 million at 31 December 2017), with net cash at $37 million ($135 million net debt at 31 December 2017)
  • Capital expenditure for 2018 totalled $95 million, of which $70 million was cost recoverable spend on producing assets

2018 OPERATING PERFORMANCE AND 2019 ACTIVITY OUTLOOK

  • 2018 net production averaged 33,690 bopd, with Q4 averaging 36,920 bopd. Production and sales by asset during 2018 was as follows:

  • Tawke PSC (Genel 25% working interest)
    • Tawke PSC production averaged 113,020 bopd in 2018, with production from Peshkabir contributing 27,660 bopd to this figure
    • Production in Q4 2018 averaged 127,220 bopd, of which Peshkabir contributed 50,130 bopd
    • The Peshkabir-8 well completed in December 2018, and is currently producing just under 10,000 bopd. Results of the Peshkabir-9 well are expected shortly
    • While further production wells are set to be drilled in 2019, Peshkabir activity in 2019 will focus on field management facilities and the utilisation of associated gas to enhance oil recovery at the Tawke field

 

  • Taq Taq PSC (Genel 44% working interest and joint operator)
    • Taq Taq field production averaged 12,350 bopd in 2018
    • Production in Q4 2018 averaged 11,640 bopd
    • Drilling operations on the TT-32 well have now been completed, and test production is underway. The well is currently flowing at a rate of over 3,000 bopd, and still cleaning up, with further zones to be tested ahead of an expected stabilised production rate of c.2,000 bopd
    • The rig has now moved to drill the horizontal sidetrack TT-20z well, which will drill the Shiranish in the western flank of the field with an aim to increasing productivity
    • Three further wells are scheduled to be drilled in 2019, as Genel continues to target the flanks of the field with the aim of delivering a year-on-year production increase

 

  • Bina Bawi and Miran (Genel 100% and operator)
    • Field development plans for both Bina Bawi and Miran oil and gas are under discussion with the KRG, and may entail a phased development approach in order to reduce initial capital expenditure and achieve the earliest date for first gas. An extension to the conditions precedent is expected to be granted shortly
    • Genel is reviewing the value of the Miran PSC carried in the Company accounts, and will update this as part of the year-end results process

 

  • African exploration update
    • Onshore Somaliland, seismic processing has now completed on the SL-10-B/13 block (Genel 75% working interest, operator) and analysis and interpretation is underway. Initial indications confirm the Company view that the block has hydrocarbon potential. Genel continues to develop a prospect inventory and assess next steps ahead of a farm-out process and potentially spudding a well in 2020. On the Odewayne block further seismic processing is being considered in order to complete the Company’s understanding of the prospectivity of the block
    • On the Sidi Moussa block offshore Morocco (Genel 75% working interest, operator), the acquisition of a c.3,500 km2 multi-azimuth broadband 3D seismic survey completed in November. PSTM and PSDM processing will continue through 2019. Genel has no additional work commitments relating to the licence. A decision will be made on whether to drill a well, and the appropriate equity level, once processing has progressed sufficiently

2019 GUIDANCE

  • Genel expects to generate material free cash flow in 2019
    • Genel generates positive free cash flow at and above an oil price of $20/bbl
  • In light of the Company’s balance sheet strength and ongoing material cash generation, management is appraising the most effective model for balanced capital allocation in order to take advantage of growth opportunities, make value accretive additions to the portfolio, and pave the way to returning capital to shareholders at the appropriate time
  • Combined net production from the Tawke and Taq Taq PSCs during 2019 is expected to be close to Q4 2018 levels
  • Capital expenditure net to Genel is forecast to be c.$115 million, with the majority being cost-recoverable spend on current producing assets. Capex includes:
    • Tawke and Taq Taq net to Genel of c.$100 million
    • Bina Bawi and Miran maintenance capex of c.$10 million, with the potential for this figure to be updated should there be positive developments on Bina Bawi commercial discussions
    • African exploration cost of under $5 million, largely comprising processing costs relating to Moroccan seismic
  • Opex: c.$30 million
  • G&A: c.$20 million
  • The Company continues to actively pursue growth and appraise opportunities to make value-accretive additions to the portfolio

(Source: Genel Energy)

Tawke Licence:

The Kurdistan Regional Government notes the updates by DNO and Genel Energy on November 1st regarding production increases under the Tawke Production Sharing Contract (PSC).

The KRG is pleased with the efforts of the Tawke PSC Contractors in the Peshkabir area of the Tawke PSC Licence, where production has risen to over 50,000 barrels per day (bpd) within 18 months, exceeding expectations.

The recent boost in production at the Peshkabir area has more than compensated for the natural decline of the main Tawke field area, where production is now down to about 80,000 bpd, from 109,000 bpd in July 2017. Overall production under the Tawke PSC Licence reached 126,000 during October, compared to 114,000 bpd in July 2017. The current average is around 130,000 bpd (click here to view the chart).

Pipeline Upgrades:

The KRG has also recently completed an upgrade of its export pipeline by installing another pumping station at Shaikhan, which boosts capacity of the pipeline from 700,000 bpd to 1 million bpd. This extra capacity will accommodate future production growth from KRG producing fields, and can also be used by the federal government to export the currently stranded oil in Kirkuk and surrounding areas.

Oil Export:

The KRG currently exports over 400,000 bpd of crude oil. The KRG’s policy of maintaining consistent and timely payments to its producing oil companies has led to more investment in its oil fields, stabilising production levels and paving the way for further production increases during 2019.

These export achievements generate more revenues that will help to reduce the KRG’s overall debts and aid the economic revival and sustainability of the Kurdistan Region. The KRG’s policy of supporting its producers provides further evidence that Kurdistan’s PSCs are a win-win for investors and the citizens of the Kurdistan Region.

(Source: KRG)

Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review.

Murat Özgül (pictured), Chief Executive of Genel, said:

Genel continues to rapidly increase both production and cash, and is now in a net cash position. Peshkabir is once again exceeding expectations, and drilling on the Taq Taq and Tawke fields provides the potential for working interest production to continue to grow.

“This can further increase our already material free cash flow generation. With notable opportunities in the portfolio, Genel is well positioned to generate significant shareholder value.

FINANCIAL PERFORMANCE

  • $236 million of cash proceeds received as of 30 September 2018, of which $85 million was received in Q3
  • Free cash flow of $119 million in the first nine months of 2018 ($70 million in H1 2018), with capital expenditure of $62 million
  • Cash of $281 million at 30 September 2018 ($233 million at 30 June 2018)
  • Net debt of $16 million at 30 September 2018 ($64 million at 30 June 2018)
  • Post period end, the receipt of $32 million relating to July 2018 exports means that Genel is now in a net cash position

Q3 2018 OPERATING PERFORMANCE

  • 2018 net production averaged 32,600 bopd as at 30 September 2018, with Q3 averaging 33,700 bopd
  • Production and sales by asset during Q3 2018was as follows:
(bopd) Export via pipeline Refinery sales Total      sales Total production Genel net production
Taq Taq 12,240 0 12,240 12,230 5,380
Tawke PSC 113,450 0 113,450 113,090 28,270
Total 125,690 0 125,690 125,320 33,650

Note: Difference between production and sales relates to inventory movements

  • Tawke PSC (Genel 25% working interest)
    • Tawke PSC production averaged 113,100 bopd in Q3 2018, including a contribution of 29,700 bopd from the Peshkabir field
    • Following the successful results of the Peshkabir-7 well, current production from the Peshkabir field is c.50,000 bopd
    • Current production from the Tawke field is just over 80,000 bopd
    • Drilling activity at the Tawke field has recommenced
      • The Tawke-50 shallow Jeribe well has been drilled to a depth of 320 metres will be brought on production within several days
      • The Tawke-49 Cretaceous well is drilling ahead and will be completed later this month
      • Two additional Tawke wells, one each in the Jeribe and the Cretaceous, will be drilled by the end of the year
  • Drilling activity continues at Peshkabir
    • Peshkabir-6 has established a deeper Cretaceous oil/water contact level than previously estimated. Further testing is underway, including test production of multiple producing zones
    • The Peshkabir-8 well, spud in late August, is drilling ahead. Once completed, the rig will move to spud Peshkabir-9 in November
  • A central processing facility at Peshkabir is set to be commissioned by the end of 2018, which will have a capacity of up to 50,000 bopd, ensuring that production remains unconstrained by surface facilities
  • Production from Peshkabir is highly cash-generative to Genel, with every 10,000 bopd increase in gross field production adding over $2 million to the Company’s monthly free cash flow
  • Taq Taq PSC (Genel 44% working interest and joint operator)
    • Taq Taq field production averaged 12,200 bopd in Q3 2018
    • Current production from the Taq Taq field is c.12,000 bopd
    • With production at the field having stabilised, the five well programme, which aims to increase total production, is now underway
      • The TT-32 well, located to the north-west of the successful TT-29w well on the northern flank of the field, has now spud
      • The well is expected to be on production by the end of 2018, and the rig will then move on to drilling locations on the western and southern flanks of the field
  • Bina Bawi and Miran (Genel 100% and operator)
    • Field development plan (‘FDP’) submitted to Ministry of Natural Resources (‘MNR’) regarding the 34 MMbbls of 2C light oil at Bina Bawi, with the FDP for the Bina Bawi gas development well advanced and set to be added to this submission shortly. The submission will enable completion of the discussions with the MNR in relation to the optimisation of value creation from Bina Bawi
    • A field development plan regarding Miran is on track to be submitted to the MNR around the end of the year
  • African exploration
    • Onshore Somaliland, seismic processing is now nearing completion, and preliminary analysis and interpretation is underway. A prospect inventory will then be developed, with the potential to spud a well around the end of 2019
    • On the Sidi Moussa block offshore Morocco (Genel 75% working interest, operator), over 2,000 km2 of 3D seismic has now been acquired, c.60% of the total. Acquisition is set to complete in November, with data processing to follow in 2019

OUTLOOK AND 2018 GUIDANCE

  • Average net production for 2018 expected to be slightly above guidance of c.32,800 bopd, with exit rate production at the end of the yearforecastto be considerably higher than this figure
  • The uplift in production at Peshkabir in Q3 will lead to record cash receipts in Q4, with ongoing strong free cash flow generation
  • Capital expenditure for 2018 is expected to be towards the bottom end of the previously stated $95-125 million guidance range
  • Operating expenditure for 2018 expected to be c.$25 million, lower than previous guidance of c.$30 million
  • The positive results from wells at Peshkabir are expected to lead to a material increase in proven and probable reserves

(Source: Genel Energy)

By John Lee.

DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq.

The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ interests in the license.

Separately, a payment of USD 5.99 million has been received net to DNO, representing three percent of gross Tawke license revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.

DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.

Following regularization of export payments for Tawke license production since February 2016, the Company will no longer make monthly receipts announcements. The Company will instead update the market on export volumes and values as part of its quarterly financial reporting.

(Source: DNO)

By John Lee.

DNO ASA, the Norwegian oil and gas operator, has reported receipt of USD 69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq.

The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ interests in the license.

Separately, a payment of USD 5.99 million has been received net to DNO, representing three percent of gross Tawke license revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.

DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.

Following regularization of export payments for Tawke license production since February 2016, the Company will no longer make monthly receipts announcements. The Company will instead update the market on export volumes and values as part of its quarterly financial reporting.

(Source: DNO)

DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of USD 289 million which were up 83 percent from the same period last year. The Company also reported a net profit of USD 61 million and free cash flow of USD 142 million during the first half of the year.

“With growing production and robust and reliable revenues, the dividend announcement underscores confidence in our strong growth prospects,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani (pictured). “Kurdistan is back and so is DNO,” he added.

The Company continues to ramp up activity in the Kurdistan region of Iraq, where fast track development of the Peshkabir field is expected to boost output by another 15,000 barrels of oil per day (bopd) to 50,000 bopd by yearend.

The Company, the most active driller in Kurdistan, has three rigs operating across its licenses with a fourth to be added next month.

Two rigs will be active at the flagship Tawke field to reverse natural field decline through workovers and the drilling of two wells in the main Cretaceous reservoir and two wells in the shallow Jeribe reservoir.

Operations will commence at the Baeshiqa license with another rig to be mobilized to spud the first well in September as part of a back-to-back, three-well exploration program. DNO acquired a 32 percent interest in and operatorship of the Baeshiqa license last year, joining ExxonMobil (32 percent), the Turkish Energy Company (16 percent) and the Kurdistan Regional Government (20 percent).

At Peshkabir, the fourth rig will spud Peshkabir-8 in 10 days followed by Peshkabir-9 in October. Early production and successful appraisal have raised previous field proven (1P) and proven and probable (2P) reserves. Two newly completed wells, Peshkabir-6 and Peshkabir-7, will commence testing by the end of this month before being placed on production. Peshkabir-6 is key to unlocking further Cretaceous and Triassic reserves.

“Peshkabir is proving prolific in production and has generated over USD 300 million in gross revenue since startup last year or three times the investment,” said Mr. Mossavar-Rahmani.

Elsewhere, DNO recently completed the sale of its Tunisia assets and relinquished Block SL18 in Somaliland as part of the Company’s ongoing rationalization of its portfolio through divestment of non-core assets and focus on expanding operations in Kurdistan and Norway.

Offshore Norway, the Company recently added six new exploration licenses for a total of 21 licenses and plans to participate in one exploration well in the fall, followed by at least five wells next year.

DNO retains indirect interests in North Sea assets through its 28.23 percent strategic stake in Faroe Petroleum plc and, given the size of its shareholding, will request seats on the board and has asked for an extraordinary general meeting to be called for this purpose.

DNO exited the second quarter with a cash balance of USD 584 million in addition to USD 288 million in marketable securities and treasury shares. The Company’s outstanding bond debt stands at USD 600 million.

The planned annual dividend distribution of NOK 434 million (USD 50 million equivalent), payable in two tranches, is subject to shareholder approval. To facilitate the distribution of the planned dividend, the DNO Board of Directors will convene an extraordinary general meeting on 13 September 2018 (i) to seek approval for payment of a dividend of NOK 0.2 per share in H2 2018 to be distributed to shareholders of record on 13 September 2018 (as registered in the VPS on 17 September 2018), and (ii) to seek authorization to approve an additional dividend payment of NOK 0.2 per share in H1 2019.

(Source: DNO)

Shares in Genel Energy jumped 12 percent on Tuesday morning after the firm announced increased profits in its unaudited results for the six months ended 30 June 2018.

Murat Özgül, Chief Executive of Genel, said:

Genel continues to deliver on its focus. We are generating significant free cash flow, averaging over $10 million a month in the first half of 2018 and moving us rapidly towards a net cash position.

“The impressive performance we have seen at Peshkabir will further increase cash generation, and the ongoing appraisal success provides the potential for both production to exceed guidance and for proven and probable reserves to increase.

“Growing cash generation provides a solid bedrock from which we are able to pursue multiple growth opportunities, with Bina Bawi oil offering exciting potential within the Genel portfolio.

“With 11 wells currently drilling or to be drilled on our producing assets in the Kurdistan Region of Iraq in H2 2018, of which eight are expected to be completed and adding to production by the end of the year, we are well positioned to both add value through the drill bit and further bolster our financial strength.”

Results summary ($ million unless stated)

H1

2018

H1

2017

FY

2017

Production (bopd, working interest) 32,100 37,100 35,200
Revenue 161.1 87.1 228.9
Net gain arising from the RSA 293.8
EBITDAX1 137.4 64.7 475.5
  Depreciation and amortisation (63.6) (45.7) (117.4)
  Exploration expense (0.5) (4.8) (1.9)
  Impairment of property, plant and equipment (58.2)
Operating profit 73.3 14.2 298.0
Cash flow from operating activities 125.1 114.2 221.0
Capital expenditure 34.1 41.0 94.1
Free cash flow2 70.1 54.6 99.1
Cash3 233.2 245.7 162.0
Total debt 300.0 422.8 300.0
Net debt4 63.8 158.3 134.8
Basic EPS (¢ per share) 21.3 8.4 97.1

 

  1. EBITDAX is earnings before interest, tax, depreciation, amortisation, exploration expense and impairment which is operating profit adjusted for the add back of depreciation and amortisation ($63.6 million), exploration expense ($0.5 million) and impairment of property, plant and equipment (nil)
  2. Free cash flow is net cash generated from operating activities less cash outflow due to purchase of intangible assets ($10.5 million) and purchase of property, plant and equipment ($29.5 million) and interest paid ($15.0 million)
  3. Cash reported at 30 June 2018 excludes $17.5 million of restricted cash
  4. Reported IFRS debt less cash

Highlights

  • Net working interest production averaged 32,100 bopd in H1 2018, in line with guidance
  • Peshkabir continues to exceed expectations, with the successful Peshkabir-4 and 5 wells boosting gross current field production to 35,000 bopd
    • Peshkabir-5 has successfully proved the westward extension of the field, with an increase in proven and probable reserves expectedto follow
  • Net working interest production currently c.35,500 bopd
  • $151 million of cash proceeds received in H1 2018 (H1 2017: $139 million), boosted by the impact of the Receivable Settlement Agreement and a higher oil price, with strong free cash flow generation of $70 million
  • Cash of $233 million at 30 June 2018 ($162 million at 31 December 2017)
  • Net debt of $64 million at 30 June 2018 ($135 million at 31 December 2017)

Outlook

  • 11 wells set to be under drilling operations across assets in the Kurdistan Region of Iraq in H2 2018, with eight expected to be completed and contributing to production by the end of the year
  • Cash generation expected to remain strong in H2 2018, with monthly free cash flow of over $10 million
  • Genel expects to be in a net cash position around the end of 2018
  • Field development plan for Bina Bawi oil complete and set to be submitted to the Ministry of Natural Resources, with Bina Bawi and Miran gas plans to also be submitted in H2 2018
  • 2018 guidance refined:
    • Production guidance of c.32,800 bopd reiterated, with the potential for this to be exceeded through an ongoing positive performance at Peshkabir and the resumption of drilling at Tawke and Taq Taq
    • Capital expenditure net to Genel is forecast to be $95-125 million (previously $95-140 million):

–          Tawke PSC and Taq Taq net to Genel of $70-80 million (previously $60-85 million), as work ramps up across both licences

–          Miran and Bina Bawi capex of $15-30 million (previously $25-40 million), as the work programme focuses on progression of the high-value oil opportunity at Bina Bawi

–          African exploration cost unchanged at$10-15 million, with the majority relating to seismic shooting offshore Morocco, which will be covered by restricted cash

–          Opex of c.$30 million and G&A of c.$15 million cash cost unchanged

More here.

(Source: Genel Energy)