30th Oct 2013 08:49
LONDON (Alliance News) - Genel Energy PLC Tuesday said it expects to meet full-year production and financial forecasts as net working production increased 10% in its third quarter.
The oil and gas exploration and production company, with operations in the Kurdistan region of Iraq, said its net working production increased to an average 53,000 barrels of oil per day for the three months ended October 29.
The company said its Taq Taq project's production for the third quarter averaged 85,000 barrels of oil per day and its Gross Tawke site produced an average 61,000 barrels of oil per day. Its trucked exports via Turkey averaged 29,000 barrels of oil per day during the period.
Genel said its 2013 production guidance is unchanged at between 45,000 barrels of oil per day and 55,000 barrels.
The company also said it realised an average export sale price from Taq Taq of USD75-USD80 per barrel, an average Taq Taq domestic market sales price of USD73 per barrel and an average Tawke domestic sales price of USD58 per barrel.
Genel said its revenue guidance for the full year is also unchanged at USD300 million to USD400 million.
In addition, the company said its capital expenditure is forecast to be towards the top end of its USD500 million to USD550 million guidance, and its cash balances at the end of September 2013 were USD805 million.
The company said its full year results will be announced on March 4, 2014.
Genel Energy shares were up 0.8% to 968.00 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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