24th Feb 2014 11:11
LONDON (Alliance News) - Genel Energy PLC Monday said its working and paying interests in the Miran gas field in northern Iraq will fall to 75% after the Kurdistan Regional Government exercised its option to take a 25% stake in the production sharing contract through a back-in deal.
The Miran production sharing contract covers 761 square kilometres and contains the Miran gas, oil and condensate discovery, which has been independently assessed to contain gross mean contingent resources of 3.5 trillion cubic feet and 95 million barrels of oil and condensate.
Genel is currently working with the regional government to get a gas sales offtake deal for the Miran field. The sides are hoping to complete this by the middle of the year.
At the same time, Genel said it is continuing to "screen a number of development concepts, incorporating both domestic and export supply options."
Genel Energy shares were up 0.2% at 1,061.7 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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