Market Reaction: Slightly negative on what looks to be a very high net debt even when factoring a negative US$60 mm working capital movement and capex phasing (US$55 mm for FCCe in 1H15 vs actuals US$90 mm). This is partially offset by a US$50 mm capex guidance reduction for capex in 2015. WI production remains solid with 95.6 mbbl/d in May and June. The Bina Bawi farm-out transaction with OMV has not completed yet.
13 Jul 2015
1H15 IMS - OPERATIONAL METRICS ARE IN LINE BUT NET DEBT IS HIGH
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1H15 IMS - OPERATIONAL METRICS ARE IN LINE BUT NET DEBT IS HIGH
Genel Energy PLC (GENL:LON) | 83.5 -1 (-1.4%) | Mkt Cap: 233.3m
- Published:
13 Jul 2015 -
Author:
Stephane Foucaud -
Pages:
2
Market Reaction: Slightly negative on what looks to be a very high net debt even when factoring a negative US$60 mm working capital movement and capex phasing (US$55 mm for FCCe in 1H15 vs actuals US$90 mm). This is partially offset by a US$50 mm capex guidance reduction for capex in 2015. WI production remains solid with 95.6 mbbl/d in May and June. The Bina Bawi farm-out transaction with OMV has not completed yet.