Presentation

Genel Energy is an independent E&P company focused on the Kurdistan Region of Iraq (KRI), where the company has been active since 2002. Genel is listed on the London Stock Exchange with a market capitalization of about USD 700m. The company had USD 274m of cash and USD 180m of debt as of 8 January 2021.

The company's most important producing oil fields are Tawke, Peshkabir, Sarta and Taq Taq. Most of the fields have produced for several years, while Sarta commenced production last year. With higher production from the asset expected this year following the counter cyclical investments in 2020, Genel guides slightly higher production in 2021 vs. 2020 (~32,000 bbl/day net).

Last year, Genel also maintained its track-record on dividends and extended debt maturities to 2025. Combined with its current cash balance, this provides a solid base to fund investments into further production growth and increased shareholder distributions over time.