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Genel Q1-2014 Production Jumps 35%, Reiterates Guidance

|Includes:Genel Energy PLC (GEGYF)

Genel Energy, in its interim management statement, has reported a 35% YoY rise in Q1-2014 net production to 50 Mbbl/d.

Exploration update

· At Kurdistan's Taq Taq field, construction of the second central processing facility on track for completion by end-2014

· Tawke field processing capacity to be doubled to 200 Mbbl/d by end-2014

· First gas production from the Summail field development expected shortly

Kurdistan export infrastructure update

· KRI pipeline commissioning process is 'substantially complete'

· Works to replace a short section of the pipeline in Turkey and install extra compression at Fishkabur expected to be completed in H2-2014

2014 guidance

· Production guidance remains unchanged at 60-70 MBOE/d

· Capex remains at $550 million to 600 million; capital program optimized to accommodate Angola drilling activity

In Oct-2013, Genel Energy announced a 10% YoY rise in net production.

In Jan-2013, Genel Energy reported that net production for 2012 was 44.5 Mbbl/d.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: GEGYF