Genel Energy plc - Sale of interest in Chia Surkh PSC
29 October 2015 Genel Energy plc ('Genel') is pleased to announce the sale of a 20% participating interest in the Chia Surkh Production Sharing Contract ('PSC') to Petoil Inc ('Petoil'). As consideration for the sale of the 20% interest, Petoil will carry Genel's share of the costs associated with the Chia Surkh-12 ('CS-12') appraisal well. The total cost of the CS-12 well is estimated at c.$50 million, with drilling expected to commence in Q1 2016. The drilling will help refine the contingent resource estimate for the Chia Surkh licence, which is currently estimated at 250 million