ERBIL (Kurdistan 24) – Britain’s Genel Energy Plc on Thursday said it is on course to reach its output target in the Kurdistan Region, noting that its cash reserves have seen an increase of 28 percent since the end of 2017.
In a statement by Chairman Stephen Whyte, Genel said it predicts it would double its year to date output and reach 30,000 barrels of oil per day (bpd) “by the summer.”
“The first three of the six wells planned at Peshkabir have progressed on time and on budget,” Genel Chairman Whyte said in the 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,” he added.
The British-based energy firm also operates at the Kurdistan Region’s Taq Taq field where it said its current gross production is approximately 13,000 bpd, compared to the 14,000 bpd recorded in the second half of last year. The company said it has plans for further drilling in the second half of 2018.
At its Tawke field, Genel brought the Tawke-48 well on stream last month at over 5,000 bpd, and will develop additional wells this year, Reuters reported.
The company also posted an improved cash balance, noting its increase to USD 208 million was a result of “a reduction in net debt.”
In January, Genel announced a “significant upgrade” to gas resources for two oilfields in the Kurdistan Region, the Bina Bawi and Miran West fields.
The oil firm said gas resources at the two fields had roughly increased by 40 percent, adding it expected that “a percentage of the contingent raw gas resources [at the fields] will be converted to reserves.”
“Genel believes the development of the world-class fields is set to unlock significant value for both the company and the Kurdistan Regional Government (KRG),” it said.