MassifCapital
Long/short equity, special situations, value, long-term horizon

Political Risk Exposure For E&P Genel Energy

Political Risk Exposure For E&P Genel Energy

Executive Summary

Genel Energy (OTCPK:GEGYF) is an Anglo-Turkish oil and natural gas exploration and production firm. Genel is currently the largest independent producer and largest holder of reserves in the Kurdish region of northern Iraq. Additionally, Genel possesses an aggressive portfolio of underdeveloped and underexplored oil and natural gas assets in Africa. While Genel's only producing assets are in Kurdish Iraq, the company's high-impact portfolio in Africa, including assets in Morocco, Somaliland and Cote d'Ivore, is promising, especially the Cote d'Ivore assets. Genel has the pedigree of an E&P major, with former head of BP (NYSE:BP) Tony Hayward at the helm. Genel has 2P reserves of approximately 445mmbbls, but...

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