Genel Energy has declared an interim dividend of 5¢ per share, after declaring their maiden final dividend of 10¢ per share for the 2018 financial year.
Other financial highlights include:
- Working interest production averaged 37,400 bopd in H1 2019 (H1 2018: 32,100 bopd), an increase of 17% compared to H1 2018
- 8 wells completed in H1 2019, resulting in year-on-year production increases at both the Tawke and Taq Taq PSCs
- Free cash generation of $57 million in H1 2019 (H1 2018: $70 million), which increases to $76 million when including the post period receipt of $19 million, with annual free cash flow yield of c.20% of current market capitalisation
- Net cash of $56 million at 30 June 2019 (net debt of $64 million at 30 June 2018)
- Following the receipt of all payments relating to April 2019, Genel had $390 million of cash as of 5 August 2019, a net cash position of $92 million
- Addition of Sarta and Qara Dagh to the portfolio in January 2019 provides near-term production and material future growth potential
- Genel retains an open mandate for a share buy-back programme of up to $10 million, and will continue to review purchasing opportunities
