Market Reaction: Neutral. While a much higher proportion of Tawke production is being exported compared to our expectations (87% vs FCCe: 50%) which will negatively impact revenue and cash flow in 1Q15, Genel had already flagged that export would be very high over the period. The level of production achieved in May is already above our 2Q15 forecasts (FCCe: 140 mbbl/d). Realised prices are in line with our expectations.
06 May 2015
READ-THROUGH FROM DNO (DNO NO) 1Q15 RESULTS
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READ-THROUGH FROM DNO (DNO NO) 1Q15 RESULTS
Genel Energy PLC (GENL:LON) | 83.6 -0.1 (-0.1%) | Mkt Cap: 233.4m
- Published:
06 May 2015 -
Author:
Stephane Foucaud -
Pages:
2
Market Reaction: Neutral. While a much higher proportion of Tawke production is being exported compared to our expectations (87% vs FCCe: 50%) which will negatively impact revenue and cash flow in 1Q15, Genel had already flagged that export would be very high over the period. The level of production achieved in May is already above our 2Q15 forecasts (FCCe: 140 mbbl/d). Realised prices are in line with our expectations.