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Genel raises sales guidance

Iraq-focused oil explorer Genel Energy (GENL) ,which is run by BP's former chief, Tony Hayward, says 2012's production averaged 44,500 barrels per day, 6 per cent up on the year. All the output came from Genel's two producing assets in Kurdistan: Taq Taq and Tawke. Genel now expects 2012's revenue to be ahead of its previous guidance at about $330m (£204m), including $132m received last month from the Kurdistan Regional Government (KRG) as partial remittance for unpaid exports.

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By Mark Robinson,
18 January 2013

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