|Bid||265.50 x 343500|
|Ask||268.50 x 340000|
|Day's Range||263.50 - 277.50|
|52 Week Range||88.50 - 296.00|
|PE Ratio (TTM)||2.77|
|Earnings Date||Aug 7, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||3.10|
Genel Energy plc (LON:GENL) is a small-cap stock with a market capitalization of UK£700.33m. While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, theyRead More...
LONDON (Reuters) - Kurdistan-focused Genel Energy (GENL.L) might start drilling in Somaliland next year, Chief Executive Murat Ozgul said on Thursday, as the group reported 2017 results broadly in line ...
The decline in production is due to a continuing slide in output from the Taq Taq field, once considered Genel's flagship field, after the well hit water in 2016. Genel's operations in the northern Iraqi region were, however, largely unaffected following the Kurdistan Regional Government's (KRG) independence referendum late last year that led to a military confrontation with Baghdad as well as sanctions from neighbouring countries, its Chief Financial Officer Esa Ikaheimonen told Reuters. Although the unrest slowed Genel's efforts to find a partner to develop the Miran and Bina Bawe gas fields, Genel is increasingly betting on their development after a recent survey showed a 40 percent increase in gas resources to 14.7 trillion cubic feet.
Plans to export natural gas from Iraqi Kurdistan got a boost after reserves were upgraded at two key fields. Yet successful development still hinges on the region’s turbulent politics.
The company proposed refinancing some of its bonds through a partial early redemption and reducing its debt by replacing the existing bond agreement with a new $300 million deal. Genel, one of a handful of foreign oil companies in Iraqi Kurdistan, is also looking to extend maturity through amending and restating terms to a new 5 year bond with a coupon of 10 percent per annum. The company said a bondholders meeting will be held on Dec. 20 and that bondholders holding a significant proportion of the bonds have confirmed they will vote in favour of the proposal.
Iraqi Kurdistan-focused oil producer Genel Energy plc is seeking to reduce its bond debt to $300 million from the currently outstanding $421.8 million.
Genel said the well, which was drilled to a measured depth of 3,100 metres, encountered good quality oil bearing Cretaceous Shiranish and Kometan reservoirs. "Combined with the testing results, management is optimistic for the potential of the northern flank of the Taq Taq field," said Genel, one of a handful of foreign oil firms in Iraqi Kurdistan. The Taq Taq field currently has gross production of 15,100 barrels per day of oil.
Genel Energy Plc says one of its wells, drilled to appraise the northern end of its Taq Taq oilfield in Kurdistan region of Iraq, encountered oil bearing reservoirs.
Categories: Europe Value Analsysis Yahoo FinanceClick here to see latest analysis Capitalcube gives Genel Energy Plc a score of 3. Our analysis is based on comparing Genel Energy Plc with the following peers – Premier Oil plc, Tullow Oil plc, Serica Energy PLC, Ophir Energy plc and Sterling Energy Plc (PMO-GB, TLW-GB, SQZ-GB, OPHR-GB and SEY-GB). Investment Outlook Genel Energy ... Read more (Read more...)
Categories: Europe Stock Alerts Yahoo FinanceGet full CapitalCube analysis *Disclaimer : This is as of previous day’s closing price. Technical Indicators Below is a quick look at 5 technical indicators for Genel Energy Plc. More studies are available on the Technical Chart. Indicator Signal Closing Price above/below 50 Day Moving Average Bearish Closing Price above/below 200 Day Moving Average Bullish ... Read more (Read more...)
Russian oil major Rosneft will invest in gas pipelines in Iraq's autonomous Kurdistan, expanding its commitment to the region ahead of an independence referendum to help it become a major exporter of gas to Turkey and Europe. Kurdistan's parliament approved a plan on Friday to hold a referendum on independence on Sept. 25, ignoring opposition from Baghdad and the wider region as well as Western concerns that the vote could heighten tensions in the region. Kurdistan has been exporting oil independently from Baghdad since 2014 and Kremlin-controlled Rosneft joined the list of buyers this year, lending the region hundreds of millions of dollars in loans guaranteed by future oil sales.