• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 19 mins Tidal Power Closer to Commercialisation
  • 9 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 4 hours US-backed coup in Venezuela not so smooth
  • 2 hours Solar to Become World's Largest Power Source by 2050
  • 9 hours New Rebate For EVs in Canada
  • 3 hours Read: OPEC THREATENED TO KILL US SHALE
  • 17 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 1 hour Will Trump Cave Again
  • 13 hours Biomass, Ethanol No Longer Green
  • 7 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 8 hours Oil stocks are heating up again! What's on your Watchlist?
  • 12 hours Malaysia Oil & Gas Updates
James Stafford

James Stafford

James Stafford is the Editor of Oilprice.com

More Info

Genel Energy: A Junior Packing a Big Punch

I’ve been following Genel Energy of Turkey for a while now, not least because of my obsession with the potentially catastrophic but otherwise fantastic venue that is Iraqi Kurdistan. Every week I see this moving fast in two directions: towards potential all-out conflict with Baghdad and towards an oil and gas goldmine.

There are other juniors worth looking at in this venue, but it always comes back to Genel, whose CEO is—not incidentally—former BP exec Tony Hayward.

This week, Genel’s shares on the London stock exchange rose 7% on a significant new oil find in Iraqi Kurdistan. A test on Genel’s Chia Surkh-10 well has yielded flow rates up to 11,960 barrels per day, plus 15 million cubic feet of gas.

The company has a market cap of £1,816.76 million, closing on the London Stock Exchange at £850.00, with 213,736,679 shares in issue.

Genel is the largest producer in Iraqi Kurdistan, and its holdings are impressive. We’re talking about 7 production-sharing contracts with some nice geological diversity. Its largest producing fields in Kurdistan are Taq Taq and Tawke, which have an estimated gross proven and probable reserves of 1.4 billion barrels of oil and gross proven, probable and possible reserves of 1.9 billion barrels. By 2014, Genel is aiming for a production capacity of 140,000 net bopd.

That’s just existing capacity. It gets better. Juniors in Iraqi Kurdistan have had an amazing…




Oilprice - The No. 1 Source for Oil & Energy News