Genel Energy notes DNO’s announcement this morning, consistent with our comments at our half year results, reporting that drilling activities recommenced in April and production at the Tawke field restated on 28 June and at the Peshkabir field on 11 July.
DNO also comments:
• With contribution from new wells and absent adverse security developments, DNO expects production at Tawke license to stabilize at around pre-shutdown levels.
• While DNO continues to seek access to export markets or export prices, the Company is currently selling its entitlement oil at prices in the mid-to-upper USD 30s per barrel.
Genel continues to seek access to export markets or export prices, which would more than double the free cash flow generation from the Tawke PSC.
Source: Genel Energy
