Genel Energy Reports Half-Year Results for 2024

Genel Energy PLC has released its unaudited financial results for the first half of 2024, highlighting consistent production and strategic asset management. Chief Executive Paul Weir emphasized the company's focus on maintaining financial discipline while progressing key projects.

The flagship Tawke license saw steady domestic sales demand, contributing to a robust cash flow. Genel has managed costs effectively, resulting in substantial reductions in operating expenses.

Despite no new wells being drilled, Tawke maintained an average production of 19,510 barrels of oil per day (bopd). The average Brent oil price was $84 per barrel, slightly up from last year.

Genel continues to lobby for the resumption of Kurdistan oil exports, which would significantly enhance cash flows. The arbitration regarding the Miran and Bina Bawi assets is expected to conclude by the end of the year.

Overall, Genel aims to diversify its asset base while maintaining a strong balance sheet and fostering shareholder value.