Genel Energy PLC

Trading and operations update

Genel Energy PLC (GENL) Genel Energy PLC: Trading and operations update 09-May-2024 / 07:00 GMT/BST 9 May 2024

 

Genel Energy plc

Trading and operations update

 

Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2024, ahead of the Company's Annual General Meeting, which is being held today.

 

Paul Weir, Chief Executive of Genel, said:

“We have achieved balanced income and expenditure in the first quarter of the year, which is ahead of schedule. Local sales from the Tawke licence have been robust to date, with the sales price increasing marginally and demand staying strong, and we continue to expect income to cover our spend over the course of the full year. Local sales volumes going forward will continue to be dependent on demand, the view of the field partners on reservoir management, and whether investment would be cost effective and deliver value to shareholders.

 

The business is in a robust financial position, with multiple potential catalysts for the delivery of significant shareholder value ahead.”

 

FINANCIAL

• Cash of $372 million at 31 March 2023 ($363 million at 31 December 2023)
  • The positive improvement in cash is principally caused by temporary deferral of payables and other positive working capital movements
  • Following the first of the $11 million bi-annual bond interest payments in April, cash at the end of April is $361 million
  • We expect our costs to be covered by income for the remainder of the year
• Net cash under IFRS of $128 million at 31 March 2024 ($120 million at 31 December 2023)
  • Total debt of $248 million at 31 March 2024 ($248 million at 31 December 2023)