UK listed Genel Energy PLC have released their audited full year financial results for 2018 which included a $424 million write down on its Miran oil and gas field in the Kurdistan region of Iraq.
Despite the write down, Genel have revealed plans to develop its Bina Bawi field, whilst initiating payment of a shareholder divided of $40 million per annum from 2020.
The company, which holds the largest operator of reserves in Iraq's Kurdistn region, delivered full year production of 33,700 barrels per day (bpd), a slight decrease on the previous years figures of 35,200 bpd, mainly due to a decline in production at its largest field - Tawke. Despite a decrease in production, the company received cash proceeds of $335 million for the year, a significant increase on 2017's figures of $ 263 million.
In 2019, Genel aims to generate free cash flow of $100 million, whilst investing in the Sarta and Qara Dagh oil blocks and raising production 10% to 36,900 bpd.
In the last 12 months Genel's share price has risen by more than 40%.
Source: Genel Energy