Genel Energy plc ('Genel' or 'the Company') announces its audited results for the year ended 31 December 2020.

Bill Higgs, Chief Executive of Genel, said: '2020 was a uniquely challenging year for everyone. As for Genel, our continued progress and strong performance in 2020 has laid the foundation for a year of growth and operational catalysts in 2021. We continued investment in Sarta, which entered production in November, and the field is generating cash as we now move to rapidly appraise its exciting potential. Three appraisal wells will be drilled at the licence in 2021. The QD-2 well at Qara Dagh is also set to spud shortly, as we look to evaluate the potential to add a fifth producing field.

As we make this investment in growth, the low-cost and high-margin nature of our growing oil production means that we expect to generate significant free cash flow at the prevailing oil price. In turn, this gives us the confidence in our material and sustainable dividend distribution, including a final dividend of 10 cents per share announced today, as we continue to offer investors a compelling mix of growth and returns.'

Contact:

Andrew Benbow

Tel: +44 20 7659 5100

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.

Statutory financial statements

The financial information for the year ended 31 December 2020 contained in this preliminary announcement has been audited and was approved by the board on 17 March 2021. The financial information in this statement does not constitute the Company's statutory financial statements for the years ended 31 December 2020 or 2019. The financial information for 2020 and 2019 is derived from the statutory financial statements for 2019, which have been delivered to the Registrar of Companies, and 2020, which will be delivered to the Registrar of Companies and issued to shareholders in April 2021. The auditors have reported on the 2020 and 2019 financial statements; their report was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. The statutory financial statements for 2020 are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. The accounting policies (that comply with IFRS) used by Genel Energy plc are consistent with those set out in the 2019 annual report.

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