Genel Energy PLC Announces Positive Q1 2024 Results

Genel Energy PLC released a trading and operations update for Q1 2024, showing balanced income and expenditure, robust local sales, and a strong financial position. Paul Weir, CEO, highlighted the achievement of balanced financials ahead of schedule and expects this trend to continue throughout the year. The local sales from the Tawke license showed a slight increase in price with consistent strong demand.

In its financial overview, Genel reported an increase in cash from $363 million at the end of 2023 to $372 million by March 31, 2024, attributing the rise to deferred payables and other favorable working capital movements. After accounting for bond interest payments, the cash reserves stood at $361 million by the end of April. The company’s net cash under IFRS was reported at $128 million, with total debt stable at $248 million.

Regarding production and operations, Genel noted zero lost time incidents in 2024, with total gross production from the Tawke license reaching 76,310 barrels of oil per day (bopd) in Q1, up from 65,770 bopd in Q4 2023. The safety record and operational efficiency were also highlighted, marking four and a half million hours worked since the last incident.

The company also mentioned ongoing arbitration and negotiations, including an international arbitration claim for compensation from the Kurdistan Regional Government and discussions regarding the Iraq-Türkiye Pipeline. The outcomes of these are yet to be finalized, with arbitration results expected by end of 2024.