? Production: c.USD80 million expenditure forecast, with all spend recovered through cash receipts in the year

? Growth: c.USD100 million expenditure forecast, including wells and facilities costs, focused on material reserves

additions and near-term production ? Operating costs expected to be c.USD50 million (2020: USD33 million), with the increase due to the addition of Sarta

early production costs, equating to USD4/bbl in 2021 (USD3/bbl in 2020), retaining our advantageous low operating cost

position ? G&A: expected to be c.USD13 million (2020: USD12 million) ? Genel expects to pay a material dividend, as we look to offer a compelling mix of growth and returns

There will be a presentation for analysts and investors today at 0900 GMT, with an associated webcast available on the Company's website, www.genelenergy.com.

-ends-

For further information, please contact: 


Genel Energy 
                                       +44 20 7659 5100 
Andrew Benbow, Head of Communications 
 
Vigo Communications 
                                       +44 20 7390 0230 
Patrick d'Ancona

This announcement includes inside information.

Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Sarta, Taq Taq, and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.

Disclaimer

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil & gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements. ----------------------------------------------------------------------------------------------------------------------- 


ISIN:          JE00B55Q3P39 
Category Code: TST 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  91747 
EQS News ID:   1161469 
 
End of Announcement  EQS News Service 
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January 19, 2021 02:00 ET (07:00 GMT)