Oil company Genel Energy PLC (GENL.LN) Friday said it expects 2012
revenue to be about $330 million, ahead of previous guidance, even though
production for the full year 2012 was in line with guidance at 44,500 barrels
of oil a day.
MAIN FACTS:
-Says strong production performance and an expanded exploration portfolio in
2012 will provide the company with significant opportunities in 2013, both in
the Kurdistan Region of Iraq and
Africa
.
-Genel Energy's average net working interest production for the full year 2012
was in line with guidance at 44,500 barrels of oil a day, or bopd (2011: 42,000
bopd).
-During the course of the year production from Genel Energy's two producing
assets, Taq Taq and Tawke, has been sold into both domestic and export markets.
-Capital expenditure for 2012 was in line with previous guidance at c$230
million, and was fully funded by cash generated from current operations in the
Kurdistan Region.
-Based on current plans, capital expenditure for 2013 is forecast to be circa
$400 million to $500 million.
-All development and exploration activities in
Kurdistan
to be
funded from cash flow generated locally.
-Capital expenditure in 2013 for the African portfolio is expected to be in the
region of $110 million which will be funded from the Company's existing cash
resources of $1 billion.
-Genel Energy's current exploration program in the Kurdistan Region comprises
three high impact wells which will complete in the first half of 2013,
targeting over 750 million barrels of oil equivalent of gross unrisked
resource.
-Shares
closed Thursday at 780.0 pence.