Genel Energy plc ('Genel' or 'the Company') issues the following update in respect of the Taq Taq field (Genel 44% working interest).
The third and final well of the 2016 Taq Taq drilling programme, TT-16y, has been successfully drilled and completed in the main Shiranish reservoir. The well is naturally flowing at c.8,000 bopd.
Gross Taq Taq production is currently c.40,000 bopd, with Q4 2016 averaging 45,000 bopd to date. The Pilaspi reservoir is being readied for production in January 2017, and is expected to contribute c.3,000 bopd.
The three Shiranish wells (TT-27x, TT-07z, and TT-16y) drilled in the 2016 campaign are currently producing a combined c.9,000 bopd. Discussions are ongoing between the Taq Taq partners over a potential workover of TT-07z. This well flowed on test at 5,000-9,000 bopd, although as a result of mechanical issues experienced during well completion activities TT-07z has recently been producing at 400 bopd.
Genel's net working interest production from the Taq Taq and Tawke fields has averaged 53,500 bopd in 2016 to date.
The updated Field Development Plan and the Competent Person's Report for Taq Taq are on track for completion in Q1 2017.
Genel plans to issue a trading and operations update in respect of 2016 financial and operating performance and 2017 outlook on Tuesday 24 January 2017.