Genel Energy plc
Other OTCCapital Structure
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in mil. unless spec.Company Description
- CEO
- John Paul Weir
- Full Time Employees
- 74
- Sector
- Energy
- Industry
- Oil & Gas Exploration & Production
- Address
- 36 Broadway London GL United Kingdom SW1H 0BH
- IPO Date
- Aug 14, 2014
- Website
- genelenergy.com
- Similar Companies
- Business
- Genel Energy plc (GEGYY) is a London-based independent oil and gas exploration and production company founded in 2002 and headquartered at 36 Broadway, London, UK, that focuses on low-cost, low-carbon crude oil production from its 25% working interest in the Tawke Production Sharing Contract (PSC) in the Kurdistan Region of Iraq, encompassing the Tawke and Peshkabir fields which produce around 80,000 barrels of oil per day (bopd) gross into the domestic market from multiple Mesozoic and Tertiary reservoirs with industry-leading operating expenses of approximately $4 per barrel, enhanced by improved oil recovery schemes including associated gas injection; the company also holds exploration assets including a 51% interest in the SL10B13 block and 50% in Odewayne in Somaliland, a 40% working interest in Block 54 (Karawan Concession) in Oman where it partners with OQ Exploration & Production for testing discovered hydrocarbons, drilling and 3D seismic acquisition, and interests in Morocco where it conducts seismic reprocessing and farm-out activities for prospects like Banasa. Operations span the Kurdistan Region of Iraq, Somaliland, Oman and Morocco, targeting resilient cash flows from production and near-production assets while prioritizing geographic diversification and shareholder returns through a strong balance sheet with net cash exceeding $130 million. In recent strategic shifts, Genel completed a portfolio rationalization in 2024-2025 by divesting or exiting unprofitable PSCs including Taq Taq, Sarta and Qara Dagh to eliminate ongoing costs and decommissioning risks, repurchased and cancelled $182 million in bonds to reduce debt from $248 million to $66 million, issued a new bond adding $25 million in cash, advanced Oman Block 54 appraisal following a May Royal Decree with planned well re-entries and testing yielding results in early 2026, optimized Somaliland drilling plans for the Toosan-1 well, and continued community initiatives like the Genel20 Scholars program and Somaliland Mobile Medical Clinic treating over 31,000 patients.
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