Transaction in Own Shares
13 August 2014
Genel Energy plc
Transaction in own shares
Genel Energy plc (“Genel” or the “Company”) announces that on 13 August 2014 it purchased from J.P. Morgan Securities plc 155,000 ordinary shares at an average price of 750.2887 pence per share. The purchased shares will be held as treasury shares. Following the above purchase, Genel Energy plc holds 155,000 ordinary shares in treasury, and has 280,093,198 ordinary shares in issue (excluding treasury shares), of which 246,554,897 are voting ordinary shares and 33,538,301 are suspended voting ordinary shares.
The Company’s authority to make share repurchases was approved by shareholders at the Annual General Meeting held on Tuesday 22 April 2014.
Genel reiterates its confidence in the security of the Kurdistan Region of Iraq (“KRI”) and its confidence in rising cash flows as KRI oil exports continue to grow.
On 9 August 2014, the Kurdistan Regional Government’s (“KRG”) Ministry of Natural Resources (“MNR”) issued a statement of support for the KRI oil industry. The full statement is available at http://mnr.krg.org/index.php/en but the Company would like to draw attention to the following points made by the KRG in its statement:
- oil production in the KRI remains unaffected, and is being delivered to both the domestic and export markets
- the KRG is expecting that the producing companies will ramp up production in the coming weeks as ongoing export infrastructure improvements come online as planned
- producing companies continue to receive their share of production and revenue from all the domestic uses of the oil, and they have been advised to also work on the export sales for their share of the exported oil
Genel believes that its shares are materially undervalued and that utilising its balance sheet to repurchase shares represents a value accretive use of its significant cash resources.
For further information, please contact:
Phil Corbett, Head of Investor Relations
Andrew Benbow, Head of Public Relations
|+44 20 7659 5100|
|+44 20 7016 9573|
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa. For further information, please refer to www.genelenergy.com.