Genel Energy PLC (GENL.LN), the oil explorer led by former BP PLC Chief Executive Tony Hayward, Wednesday reported 2013 net working interest production of 44,000 barrels of oil per day, in line with 2012, and forecast 2014 daily production of 60-70,000 barrels.
Genel Energy PLC (GENL.LN), the oil explorer led by former BP PLC Chief
Executive Tony Hayward, Wednesday reported 2013 net working interest production
of 44,000 barrels of oil per day, in line with 2012, and forecast 2014 daily
production of 60-70,000 barrels.
MAIN FACTS:
-2013 revenue $350 million ($333 million in 2012), versus guidance of $300-400
million
-2013 capex $560 million; 2014 projected at $550-600 million
-Cash at end-2013 was $700 million, no debt
-Kurdistan Region of Iraq independent pipeline infrastructure complete; exports
expected to commence in the near future
-Commissioning of the system is ongoing; expected to continue through 1Q2014
-Four wells in Africa set to be drilled this year
-Shares at 0821 GMT down 20 pence or 1.8% at 1,065 pence valuing the company at
GBP2.53 billion.
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