18th Mar 2016 07:37
LONDON (Alliance News) - Genel Energy PLC on Friday launched a bond buy-back programme and said proved reserves at the Tawke oil field in Iraq have increased.
Genel said it has launched a tender offer to buy back senior unsecured callable bonds issued by its Genel Finance PLC unit. The offer is being done for cash management purposes and Genel said it intends to acquire a minimum of USD50.0 million of the USD730.0 million of bonds in issue.
DNB Markets and Pareto Securities will manage the buy-back offer.
Genel also said DNO ASA, the operator of the Tawke field, has published estimated reserves for the site. Genel holds a 25% interest in the field.
At the end of December, proved reserves at the field have been estimated at 387.0 million barrels of oil, up 21% on the 319.9 million at the end of 2014, driven by better confidence at DNO on primary recovery rates at the field.
Genel said gross proved plus probable reserves have been estimated at 543.0 million barrels, down from 680.3 million at the end of 2014. This reflects production over the year, technical revisions and re-categorisation of some reserves.
The upgraded gross proved plus probable estimate compares to Genel's previously reported figure of 631.0 million barrels, which it disclosed in its annual results.
By Sam Unsted; [email protected]; @SamUAtAlliance
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