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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Genel Energy    GENL   JE00B55Q3P39

GENEL ENERGY

(GENL)
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Genel Energy PLC : Morocco Petroleum Agreement

11/21/2012 | 02:44am EST

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21 November 2012

Genel Energy plc

("Genel Energy" or the "Company")

Genel signs Petroleum Agreement of Mir Left Offshore Block, Morocco

Genel Energy announces that it has signed a Petroleum Agreement (the "Petroleum Agreement") and Association Contract with the Office National des Hydrocarbures et de Mines ("ONHYM") in Morocco, which grants Genel Energy a 75 per cent equity interest and Operatorship of the Mir Left Offshore Block, offshore Morocco. The remaining 25 per cent interest will be held by the ONHYM. Access to the block is conditional upon receiving approval from the Government of Morocco.

Under the terms of the Petroleum Agreement, Genel Energy is obliged to acquire a minimum of 400 square kilometres of 3D seismic data and to drill one exploration well during the 3-year Initial Exploration Period.  These will be funded from the Company's existing cash resources.  There are two further optional exploration periods of three years and two years respectively.

The Mir Left Offshore Block comprises an area of 3,259 square kilometres with water depth ranging from 60 to 320 metres.  It lies adjacent to, and to the north-east of, the Sidi Moussa Offshore Block in which Genel Energy recently acquired a 60% equity interest. The hydrocarbon play concepts are related to Jurassic carbonate platforms and the earliest Cretaceous submarine fans.

Commenting on the transaction, Dr. John Hurst Chief Operating Officer of Africa for Genel, said:

"We are delighted to have signed this new block, further deepening our position in the fairway associated with the proven working petroleum system in offshore Morocco. We intend to commence the acquisition of 3D seismic in January 2013, with the aim of drilling our first well in 2014."

-ends-

For further information, please contact:

Genel Energy plc

Julian Metherell

Natalie Fortescue

+44 20 7659 5100

M: Communications

Patrick d'Ancona

Andrew Benbow

+44 20 7920 2330

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa.  For further information, please refer to www.genelenergy.com.


This information is provided by RNS
The company news service from the London Stock Exchange
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© Publicnow 2012
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Sales 2020 145 M - -
Net income 2020 -63,8 M - -
Net cash 2020 36,6 M - -
P/E ratio 2020 -8,02x
Yield 2020 8,65%
Capitalization 506 M 507 M -
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Nbr of Employees 130
Free-Float 48,4%
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Number of Analysts 6
Average target price 2,44 $
Last Close Price 1,82 $
Spread / Highest target 72,5%
Spread / Average Target 33,9%
Spread / Lowest Target -6,86%
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William George Higgs Chief Executive Officer & Director
David McManus Chairman
Paul Weir Chief Operating Officer
Esa Tapani Ikäheimonen Chief Financial Officer & Director
Mike Adams Technical Director
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