Q1 production levels rise at Genel Energy

(Sharecast News) - Iraq-focused oil explorer Genel Energy said its first-quarter performance was ahead of schedule with the business in a "robust financial position". Ahead of the company's annual general meeting on Thursday, the company put out a statement to say that the year has started well, with it achieving "balanced income and expenditure in the first quarter of the year, which is ahead of schedule", said chief executive Paul Weir.

Genel, which operates four fields across the Kurdistan Region of Iraq - Taq Taq, Peshkabir, Tawke, and Sarta - said gross production average 76,310 barrels of oil per day in the first quarter, up from 65,770 bopd in the fourth quarter of 2023, all of which came from the Tawke licence.

"Local sales from the Tawke licence have been robust to date, with the sales price increasing marginally and demand staying strong, and we continue to expect income to cover our spend over the course of the full year," Weir said.

"Local sales volumes going forward will continue to be dependent on demand, the view of the field partners on reservoir management, and whether investment would be cost effective and deliver value to shareholders."

The shares were up 0.5% at 88.7p by 1056 BST.