Market Reaction: negative. We had already reduced drastically our future production estimates for Taq Taq in October last year following the underperformance of the field from 170 mbbl/d in 2017 and 2018 but our 2018 forecast of 70 mmbbl/d is probably still too high. We currently value Genel's interest in Taq Taq at £1.27 per share based on our estimates of 320 mmbbl 2P reserves at YE15 (versus new estimates of 172 mmbbl).
29 Feb 2016
RESERVES DOWNGRADE AT TAQ TAQ
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RESERVES DOWNGRADE AT TAQ TAQ
Genel Energy PLC (GENL:LON) | 83.8 -0.4 (-0.6%) | Mkt Cap: 234.1m
- Published:
29 Feb 2016 -
Author:
Stephane Foucaud -
Pages:
2
Market Reaction: negative. We had already reduced drastically our future production estimates for Taq Taq in October last year following the underperformance of the field from 170 mbbl/d in 2017 and 2018 but our 2018 forecast of 70 mmbbl/d is probably still too high. We currently value Genel's interest in Taq Taq at £1.27 per share based on our estimates of 320 mmbbl 2P reserves at YE15 (versus new estimates of 172 mmbbl).