highlander1970
28 Mar 2017
Re: You have to be brave to hold these o... seems to me that the international companies are being deliberately bled dry.This is being nationalized, simple as that.KRG are going to take all the fields for nowt and will create a Kurdi AramcoI have shares in GKP and had a small stake here which I sold at a loss recently. I will never put another penny into these Kurd stocks and I feel sorry for everyone having their hard earned monies taken from them in this manner.IMO
opulentia
28 Mar 2017
crashing maybe they should take a look at GKP, this is looking like a disaster , they need to do something postive here, or it will be all over , imoGLA
5 Iron
28 Mar 2017
Re: You have to be brave to hold these o... Concern over TT has been justified over past few months. However Tawke looks great and so do gas fields. Sp will get hammered today but 74p has to have most of TT decline already priced in. I hope so anyway. Oil in Iraq eh? Hoil, afren, Gkp, genel, not a pretty list!
oilinvestor85
28 Mar 2017
Re: You have to be brave to hold these on 30... I guess I got really lucky for a change! This is starting to smell a lot like AFREN minus the Nigerian assets. The smell of operational incompetence mixed with Bonds is a deadly mixture! Sorry for all the peeps still invested in here
mem73
28 Mar 2017
Re: Sorry guys I can't see any further investment at Taq Taq post this RNS and can see production ending in 2017. GENL lack cash flow to repay the debt.
oilinvestor85
28 Mar 2017
RNS for those who missed it !!! Taq Taq reserves update Genel Energy ('Genel' or 'the Company') issues the following announcement in respect of its reserves position at the Taq Taq field (Genel 44% working interest). As previously stated, the Company commissioned an updated Competent Person's Report ('CPR') for the Taq Taq field from McDaniel and Associates ('McDaniel'). The CPR has been completed and is available from the Company's website at www.genelenergy.com/investor-relations/results-reports-presentations. Gross 2P reserves for the Taq Taq field as of 28 February 2017 are estimated by McDaniel at 59 MMbbls, compared to 172 MMbbls at 31 December 2015. A reconciliation from the reserves reported in the CPR released in April 2016 to the updated estimates in the CPR published earlier today, is shown in the following table: Gross oil reserves (MMbbl)1P2P3P31 December 201560.0171.8416.4Production(23.8)(23.8)(23.8)Technical revisions(10.4)(89.0)(297.6)28 February 201725.859.195.0Some totals may not add due to roundingCumulative oil production from the Taq Taq field to 28 February 2017 is 207.9 MMbbls. Of this figure, 1.8 MMbbls has been produced in 2017. The further reduction in reserve estimates for Taq Taq is a consequence of a reassessment of the gross rock volume above the oil water contact and fracture porosity in the undrained Cretaceous Shiranish reservoir. This follows an analysis of reservoir surveillance data and well performance in 2016 and the first two months of 2017. The McDaniel CPR states that there is still significant uncertainty in Taq Taq oil reserves. In particular, reserves are dependent on the Shiranish formation fracture porosity in the un-swept portion of the reservoir, which remains very difficult to estimate. The Taq Taq field is currently producing c.19,000 bopd, compared to c.36,000 bopd at the end of 2016. Recently, key producing wells have exhibited high rates of decline as a result of water breakthrough, exacerbating the decline rate across the field. Given the ongoing uncertainties highlighted above, the previous guidance for 2017 Taq Taq gross average production of 24-31,000 bopd is now removed. The Company currently intends to announce Taq Taq field production on a monthly basis going forward. As a result of the reserve downgrade announced today, Genel expects to record an impairment, subject to audit, of $181 million to the Taq Taq field carrying value in its 2016 accounts. Further detail on the Taq Taq field and the near-term development plan will be given in the Company's results for the year ended 31 December 2016, which are to be announced on Thursday 30 March 2017.
oilinvestor85
28 Mar 2017
Sorry guys That RNS was worse than I ever imagined! At this rate, the field will stop producing by the end of summer ! The market makers will have a field day today. Hopefully things start to improve and you can get out without too much damage to your wealth. There are some decent guys on this board and they certainly didn't deserve this disaster of an RNS.Good luck chaps and keep your head high
oilinvestor85
20 Mar 2017
You have to be brave to hold these on 30th Good luck all holders I have decided to get out at breakeven and stay out until we hear more from the company. My opinion is that GENL remains undervalued but without knowing the extent of write downs and reserves downgrades I'm out for now! Good luck to all who still hold. I will reconsider buying in a few weeks once things become clearer ... I will happily pay a higher price for less uncertainty.
onewayticket
16 Mar 2017
Re: KSA cut the cuts I have to agree with you Boyobach that if there is oversupply then it will lead to a reduction in the price of a barrel of oil and that will no doubt impact on the KRG's ability to pay and in consequence lead to some volatilityIt should provide for an interesting OPEC meeting in MayOwn due diligence
Boyobach
16 Mar 2017
Bilgin Today's RNS:Genel Energy plc ("Genel Energy" the "Company"
announces that Ümit Tolga Bilgin has been appointed as a non-executive director of the Company with immediate effect.
Johandesilva
16 Mar 2017
Re: KSA cut the cuts US shale needs a few of these bust and booms to shake off investment all the way to 2020 when all the hedging ends. It still an long game for oil and I welcome re-entry here at some point.O/T keep an eye on Hurricane Energy for the next few days.
Boyobach
14 Mar 2017
KSA cut the cuts So news is emerging that Saudi has reversed some of its oil production cuts and was back over 10million b/d in February. And the price is falling like a stone - as you'd expect. What a coincidence it's all happening as US Shale makes it's comeback. Expect low PoO and for Genel ......
Boyobach
09 Mar 2017
Re: PoO Oneway - I think the market moves pretty darned fast when it decides to: the drop in PoO was the biggest since November and the curve for Genel's sp matched the precipitative nature of it. That said, Genel bounced back up whereas PoO has not - so nervousness for some seems to have created a buying opportunity for others. I would have bought some to trade at around 75. I'm quite surprised (and delighted) with the sharp bounce though. The KRG payments are pretty much assumed, I think, so no real uptick when they come along, especially as the Taq Taq revenue and the pay-back of receivables are so unexciting. It'll be a different story if KRG miss a payment, however!
onewayticket
09 Mar 2017
Re: PoO Boyobach,I was just about to comments and saw your post.Its a strange kettle of fish Genel as actually you never know which one it is responding to. One it could be the oil price. Two it could be the fact payments have now been received and those that bought in anticipation have alighted. More Number One but probably a bit of Number Two.Own due diligence
Boyobach
09 Mar 2017
PoO For anyone doubting Genel's sensitivity to PoO then the sp since 16.00 yesterday is a pretty good demonstration of it IMO.
