Genel Energy says Tawke field produced 39m barrels in 2016

Shares in Genel Energy are up more than 5% as it reported output from the Tawke field totalled 39 million barrels in 2016. Genel holds a 25% working interest in Tawke.

At 31 December, 2016, Tawke gross proved (1P) reserves were estimated by DNO ASA at 348 million barrels, compared with 387 million barrels at end-2015, the oil and gas producer said.

Gross proved plus probable (2P) reserves were estimated at 504 million barrels at end-2016, versus 543 million barrels a year earlier. The Tawke field is in the Kurdistan region of Iraq.

At 31 December 2016, Tawke 2C contingent resources were estimated at 100 million barrels, unchanged from end-2015.

At the Peshkabir prospect in the Tawke field, Genel said gross 2P reserves were estimated at 32 million barrels. It said 2C resources were estimated at 111 million barrels of oil equivalent.

At 14:35 GMT, shares in AIM-listed Genel were up 5.02% to 73.25p each.