Genel Energy is on track to hit its oil output target in Kurdistan, it said on Thursday, adding that its cash reserves had risen by 28 percent from the end of last year.
The company’s cash pile increased to $208 million, helped by continuing payments from the Kurdish regional government and a focus on cost control. Its share price jumped almost 10 percent to as much as 2.81 pounds, its highest since 2015.
Genel reiterated its target for the Peshkabir oilfield operated by DNO in Kurdistan. It expects output to reach 30,000 barrels per day (bpd) “by the summer”, doubling output in the year to
“The first three of the six wells planned at Peshkabir have progressed on time and on budget,” Chairman Stephen Whyte said in a statement.
“The Peshkabir-4 well is set to begin testing imminently, Peshkabir-5 has reached target depth and will be testing shortly and Peshkabir-6 is drilling ahead.” Read More