Genel Energy PLC
LSE:GENL
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Genel Energy PLC
Genel Energy Plc is a holding company, which engages in the provision of oil and gas exploration services. The firm operates through two business segments: Production and Pre-production. The Production segment is comprised of the producing fields on the Tawke PSC (production sharing contract) (Tawke and Peshkabir), the Taq Taq PSC (Taq Taq) and the Sarta PSC (Sarta), which are located in the Kurdistan Region of Iraq (KRI) and make sales to the Kurdistan Region Government (KRG). The Pre-production segment is comprised of discovered resource held under the Qara Dagh PSC, the Bina Bawi PSC and the Miran PSC (all in the KRI), and exploration activity, principally located in Somaliland and Morocco. The Company’s wholly owned subsidiaries include Barrus Petroleum Cote D’Ivoire Sarl, Barrus Petroleum Limited, Genel Energy Africa Exploration Limited, Genel Energy Finance 2 Limited, Genel Energy Gas Company Limited and Genel Energy Finance 4 plc.
Genel Energy Plc is a holding company, which engages in the provision of oil and gas exploration services. The firm operates through two business segments: Production and Pre-production. The Production segment is comprised of the producing fields on the Tawke PSC (production sharing contract) (Tawke and Peshkabir), the Taq Taq PSC (Taq Taq) and the Sarta PSC (Sarta), which are located in the Kurdistan Region of Iraq (KRI) and make sales to the Kurdistan Region Government (KRG). The Pre-production segment is comprised of discovered resource held under the Qara Dagh PSC, the Bina Bawi PSC and the Miran PSC (all in the KRI), and exploration activity, principally located in Somaliland and Morocco. The Company’s wholly owned subsidiaries include Barrus Petroleum Cote D’Ivoire Sarl, Barrus Petroleum Limited, Genel Energy Africa Exploration Limited, Genel Energy Finance 2 Limited, Genel Energy Gas Company Limited and Genel Energy Finance 4 plc.
Resilient Model: Genel emphasized its low-cost base, financial discipline, and flexible spending, enabling it to remain cash generative even amid a severe oil price collapse and unpaid receivables.
Receivables Challenge: Over $120 million owed by the Kurdistan Regional Government remains unpaid, with repayment uncertain until oil prices reach $50 per barrel.
Sarta Progress: Sarta development remains on track for first oil later in the year, with construction around 90% complete despite COVID-19 disruptions.
Dividend Maintained: The interim dividend of $0.05 per share is confirmed, demonstrating commitment to returns even in a tough environment.
CapEx Flexibility: Genel can quickly adjust capital expenditure, with further drilling at Tawke and Peshkabir dependent on improved payment clarity and oil prices.
Operational Adaptation: COVID-19 created logistics and movement challenges, but the company successfully adapted, minimizing project delays.
Impairments Taken: Significant noncash impairments ($286 million on assets, $35 million on receivables) were booked, mainly due to lower oil price outlook.
