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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 strong free cash flow and a resilient balance sheet in H1 2025, with disciplined capital allocation and cash generation covering costs.

  • Strategic focus on diversifying cash generation and production through acquisitions and geographic expansion, with progress in Oman and Somaliland.

  • Tawke PSC delivered robust production (~80,000 bopd in H1 2025), meeting domestic demand and generating free cash flow, despite temporary halts from drone attacks.

  • Exits from Sarta, Qara Dagh, Taq Taq, Karadag, Leggzira, and Morocco licences reduced liabilities and improved balance sheet flexibility.

  • Successful bond refinancing in April increased cash holdings and extended maturity to 2030, supporting strategic growth.

Financial highlights

  • Net cash increased to $134 million at HY2025 (from $130.7 million at YE2024); cash balance at $225 million.

  • Cash position increased by $30M since the start of the year, supported by a $25M bond raise and free cash flow from Tawke.

  • Production business generated $6M free cash flow; bottom line free cash flow was $5M for H1 2025.

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

  • Operating costs at Tawke PSC remained below $4/bbl, supporting resilience against oil price volatility.

Outlook and guidance

  • Year-end net cash expected to remain stable, assuming successful production restart at Tawke.

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

  • Initial results from Oman Block 54 expected in Q1 2026, with testing to begin around year-end.

  • Focus on resuming exports, which could more than double revenue per barrel, though timing remains uncertain.

  • Ongoing focus on asset acquisitions and geographic diversification, with Somaliland project remaining active.

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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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