Genel Energy plc issues the following trading and operations update in advance of the Company's full-year 2014 results, which are scheduled for release on 5 March 2015.
•A combination of low development and operating costs and Production Sharing Contract structure creates a robust Kurdistan Region of Iraq ("KRI") oil business very resilient to sustained low oil prices
•2014 production of 69,000 boepd, an increase of 58% year-on-year with significant further growth expected in 2015
•Capital expenditure guidance for 2015 lowered by 30% to $200-250 million, a reduction of 70% on 2014
•Revenue guidance for 2015 revised from $500-600 million at a Brent price of $80/bbl to $350-400 million at a Brent price of $50/bbl
•Cash balances at 31 December 2014 stood at c.$490 million, balance sheet strength underpins future growth in the KRI
•Agreement on crude oil exports through northern Iraq reached in December 2014 between the Kurdistan Regional Government (KRG) and Federal Government of Iraq ("FGI"), operational implementation commenced in early January 2015