3rd Sep 2013 08:49
LONDON (Alliance News) - Genel Energy PLC Tuesday said the Ministry of Natural Resources of the Kurdistan Regional Government had given a Declaration of Commerciality for the Miran field.
Genel currently holds a 100% working interest in the field and is operator of the Miran licence, but the Kurdistan Regional Government has the right to back in for a 25% working interest following the issue of the declaration.
Genel said development of the field will now start September 5, and it'll then start receiving revenues. It said it is still working with the regional government on a gas commercialization plan and still expects to sign a gas export deal to Turkey by the end of this calendar year.
"Our KRI gas business has the potential to supply a significant portion of Turkish demand growth, as well as having a transformational impact on Genel as our material resource base transitions closer to reserves," the company's head of business development Charles Procter said in a statement.
Genel's shares were up 1.2% at 945 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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