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Genel Energy (GENL) investor relations material

Genel Energy H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary6 Aug, 2025

Executive summary

  • Maintained a strong balance sheet and resilient platform, increasing cash by $30 million since the start of the year, with cash holdings reaching $225 million after a successful bond refinancing extending maturity to 2030.

  • Operations in Kurdistan faced temporary disruption due to drone attacks, but no injuries occurred and production is expected to restart soon at reduced levels.

  • Strategic focus remains on diversifying cash generation and production, with new activity commencing in Oman (Block 54) and ongoing preparations for drilling in Somaliland.

  • Portfolio streamlined by relinquishing non-core assets in Morocco, Sarta, Qara Dagh, Taq Taq, and Lagzira, reducing liabilities and simplifying operations.

  • Disciplined capital allocation prioritizes acquisitions and supports a regular dividend program.

Financial highlights

  • Net cash position increased to $134.4 million at HY2025 (31 Dec 2024: $130.7 million); cash balance at $225 million.

  • Tawke PSC generated $6 million in free cash flow from production, with overall free cash flow of $4.7–$5 million in H1 2025.

  • Operating costs per barrel at Tawke PSC remained below $4, providing resilience against oil price volatility.

  • Revenue for H1 2025 was $35.8 million, down from $37.6 million in H1 2024.

  • EBITDAX rose to $25.3 million from $13.3 million year-over-year, aided by reversal of arbitration accrual and lower G&A costs.

Outlook and guidance

  • Year-end net cash guidance reiterated as unchanged, even with reduced production levels at Tawke.

  • Physical activity in Oman to begin around year-end, with testing results expected by end of Q1 2026.

  • Somaliland drilling contingent on establishing appropriate conditions with the new government.

  • Export resumption from Kurdistan remains uncertain; ongoing discussions between KRG and Iraqi authorities.

  • FY2025 free cash flow expected to fund Oman Block 54 work and new asset acquisitions.

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Frequently asked questions

Genel Energy plc is an independent oil and gas exploration and production company. The Company operates through two segments: Production and Pre-production. The Production segment holds a 25% working interest in the Tawke PSC, 44% working interest in the Taq Taq PSC, 30% working interest in the Sarta PSC located in the Kurdistan Region of Iraq (KRI); pre-production assets include a 40% working interest Qara Dagh PSC located in KRI and 50% working interest Odewayne SL10B13 located in Somaliland; furthermore it has 75% working interest Lagzira licence located in Morocco. As of December 31, 2021, the company had 63 millions of barrels (MMbbls) of proven net working interest reserves and 104 MMbbls of proven plus probable net working interest reserves.

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