Genel Energy lowers net debt position

Genel said it has repurchased and cancelled $182.0m of its own bonds, reducing its debt from $248.0m to $66.0m at the end of October. It also noted that its balance sheet position remains strong, with net cash of $125.0m as of 31 October.

The London-listed firm highlighted that its Tawke PSC asset continued to deliver "consistent production into consistent domestic market demand to generate significant cash flow".

"That cash generation more than covers our cash out-flows in the period, which have further reduced as a result of non-repeating activity in the first half of the year coming to an end, decreasing activity on non-core licences as we move towards exit and reduction in net interest cost following the purchases of our bonds," said chief executive Paul Weir.

As of 1100 GMT, Genel shares were up 0.51% at 79.50p.

Reporting by Iain Gilbert at Sharecast.com