Genel Energy PLC (GENL)
Genel Energy PLC: Full-Year Results
22 March 2023

Genel Energy plc

Audited results for the year ended 31 December 2022

Genel Energy plc (‘Genel’ or ‘the Company’) announces its audited results for the year ended 31 December 2022.

Paul Weir, Chief Executive of Genel, said:


“Our production business generated record cash flow in 2022, building our significant financial resources and resulting in a net cash balance at the end of the year of over $200 million. The Company now has an exceptional opportunity to deploy its financial resources carefully to add new assets and grow and diversify our production business in order to improve the resilience and extend the line of sight on the funding of our established dividend program.

Our capital allocation decisions for 2023 and beyond will be centered around that material, sustainable, and progressive dividend program while protecting and maintaining the strength of our balance sheet. Our core business remains robust, funding our dividend from free cash flow in the mid-term and there is significant potential still remaining in the portfolio. We have an extremely busy 18 months ahead that carries much potential, and we have a highly capable team in place that is fully focused on delivering on that potential.”

Results summary ($ million unless stated)

2022 2021
Average Brent oil price ($/bbl) 101 71
Production (bopd, working interest)  30,150  31,710
Revenue  432.7  334.9
EBITDAX1  361.6  275.1
  Depreciation and amortization  (149.2)  (172.8)
  Exploration expense (1.0)
  Net impairment/write-off of oil and gas assets (201.3) (403.2)
  Net reversal of impairment of receivables 8.2 24.1
Operating profit / (loss) 18.3 (276.8)
Cash flow from operating activities 412.4 228.1
Capital expenditure 143.1 163.7
Free cash flow2 234.8 85.9
Cash 494.6 313.7
Total debt 274.0 280.0
Net cash3 228.0 43.9
Basic LPS (¢ per share) (2.6) (111.4)
EPS excluding impairments4 66.7 25.8
Dividends declared relating to financial year (¢ per share) 18 18


  • Zero lost time incidents in 2022, with over three million hours now worked since the last incident
  • Another year of active drilling on the Tawke PSC and consistent reservoir performance resulted in average daily working interest production of 30,150 bopd (2021: 31,710 bopd)
  • Record free cash flow in 2022
    • High oil price and recovery of receivables helped drive free cash flow of $235 million (2021: $86 million)
    • Investment in production and appraisal at Sarta resulted in capital expenditure of $143 million (2021: $164 million)
  • Disappointing results at Sarta resulted in a reduction in reserves and an impairment of $126 million, with expiry of the Qara Dagh license resulting in a write-off of $78 million
  • Strong balance sheet provides opportunity to acquire and develop new assets
    • Significantly increased financial resources of $495 million ($314 million at 31 December 2021)
    • Net cash under IFRS of $228 million at 31 December 2022 ($44 million at 31 December 2021)
    • Total debt of $274 million at 31 December 2022 ($280 million at 31 December 2021)
  • Committed material, sustainable, and progressive dividend program well established
    • Dividends paid in 2022 increased by 13% to 18¢ per share (2021: 16¢ per share) a total distribution of $50 million
  • Carbon intensity of 17.6 kgCO2e/bbl for Scope 1 and 2 emissions in 2022 (2021: 16 kgCO2e/bbl), below the global oil and gas industry average of 19 kgCO2e/boe


  • Committed dividend funded by free cash flow for medium-term
    • The Board is recommending a final dividend of 12¢ per share (2022: 12¢ per share), a distribution of $33.5 million
  • Established dividend program frames business and capital allocation decisions:
    • Production guidance unchanged at 27-29,000 bopd
    • 2023 capital expenditure expected to be between $100 million and $125 million
    • Progress towards drilling a well in Somaliland
    • Genel continues to actively screen and work up opportunities to invest our cash to extend the line of sight on resilient cash flows that support our dividend program into the long-term
  • Genel continues to invest in the host communities in which we operate, aiming to invest in those areas in which we can make a material difference to society
  • The London-seated international arbitration regarding Genel’s claim for substantial compensation from the KRG following the termination of the Miran and Bina Bawi PSCs is progressing. The trial is scheduled for February 2024


Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100
Vigo Consulting

Patrick d’Ancona

+44 20 7390 0230

Genel will host a live presentation on the Investor Meet Company platform on Wednesday 22 March at 1000 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Genel Energy PLC via:

This announcement includes inside information.


This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil & gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company’s control or within the Company’s control where, for example, the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.


In the past six months, we have simplified and refined our strategic priorities and put the funding of our established dividend program at the heart of our business model. This is the lens through which we assess capital allocation decisions.

Building and managing a portfolio to support the dividend over the long-term is our clear focus. That work requires both judicious management of our existing opportunities already within the business, together with the objective of adding new assets that expand and diversify our asset base and, importantly, improve both the cash generation of the business and the resulting investor returns.

We have a very strong balance sheet with $495 million of cash, net cash of $228 million, at the end of 2022 and no debt maturity until 2025. We have achieved this position through a combination of factors. Disciplined capital allocation combined with excellent Tawke production results, recovery of old debts and, of course, the high oil price in 2022 have all resulted in exceptional cash generation for Genel, despite only receiving 10 payments from the Kurdistan Regional Government.

We had hoped that the Sarta development would have been a major contributor to our cash generation, but appraisal well results in 2022 were disappointing. Further investment will only take place now if we can be confident of positive returns and profitability, consistent with our focus on cost control and carefully considered expenditure.

A clear focus

The business is now determined to add new revenue streams that build a stronger business and replace the cash generation in 2022 that came from historic debts owed by the KRG.

We have an established dividend program that, following approval of the proposed final dividend for 2022, will have returned over $200 million to shareholders since 2019. Delivering on this dividend program while increasing the value of the business is our primary objective to deliver long-term shareholder returns, and the business is progressing with real clarity of purpose.

A strong balance sheet, including liquidity of almost half a billion dollars, provides us with a tremendous opportunity. We are determined to use it in order to add shareholder value through strong operational delivery and properly considered investment.

We also continue to work diligently towards arbitration regarding our claim for substantial compensation from the KRG following the termination of the Miran and Bina Bawi PSCs, with the trial scheduled for February 2024.

Adding to our production business

Growing our portfolio through the addition of the right assets is key. We have a highly competent and dedicated team in place assessing a great many opportunities in a disciplined and systematic manner. We only progress opportunities that deliver the right outcomes when subjected to multiple scenario analysis, that ultimately provide support for our dividend program and at the same time maintain business resilience and balance sheet strength. Genel’s significant cash position does not distract us from our focus on cost discipline and risk mitigation.

Genel has a robust production business and a free cash flow projection that covers dividend payments in the medium-term. Doing deals takes time and doing the right deal takes even longer, but we are confident in our ability to take advantage of the opportunities that are out there to deliver for our shareholders.

Organic reserves replacement opportunities

As we continue to enhance the business, we are also progressing exciting opportunities within our existing portfolio. The Somaliland opportunity is frontier exploration, with all of the challenges that entails, but rare in terms of scale and potential. In a successful case, there is a clear route to market through existing port facilities and this opens up the tantalizing prospect of creating shareholder value in a region where our activities can also have a hugely positive impact on the surrounding society.

We are attempting to replicate the Somaliland farm-out success in Morocco, seeking a partner to drill a well in the Lagzira block, with high-graded material prospects. Both of these exploration opportunities support our aim of adding low-cost and large-scale assets to our portfolio to provide resilient, diversified, and value-accretive cash generation that funds our dividend program and offer catalysts to deliver shareholder value.

Making a positive difference

As all of these opportunities unfold, Genel sees the need to have a positive impact in the areas where it is present as being an essential part of business success. In 2022 we marked 20 years of operations in KRI by launching a number of social initiatives, the center of which was our Genel20 Scholars program.

This was an appropriate way to mark our 20 years of operations in KRI, a period which has seen an entire industry develop, thousands of jobs created, and more than $20 billion generated for the KRG. Our social activities in Somaliland will now begin to ramp up as our operational activities increase there and, as an Anglo-Turkish company, we are of course providing support following the horrendous impact of the recent earthquakes.

Our work on emissions continues and we are very pleased that our emissions intensity remains below the industry average at 17.6kg CO2/bbl. We have been very proud to work with our partner DNO on Kurdistan’s first gas reinjection project, which has captured 1.2 million tonnes of CO2e since its inception in 2020. Not only has this facility greatly reduced flaring at Tawke, but it has also led to a marked improvement in field performance.

On a smaller scale, our pilot solar-powered well site at the Sarta-1 well pad has saved almost nine tonnes of CO2 emissions there and established a new standard design for Genel well pads.  As we seek to diversify our business, we will retain our clear commitment to being a socially responsible contributor to the global energy mix.


The production base that the Tawke license provides is set to deliver free cash flow that supports the progression of business catalysts and payment of our material dividend. We have a firm commitment to invest our cash to add shareholder value, and both the means and determination to do it. Our team is dedicated to delivering strong future cash flow and shareholder returns.


Reserves and resources development

Genel’s proven (1P) and proven plus probable (2P) net working interest reserves totaled 69 MMbbls (31 December 2021: 63 MMbbls) and 92 MMbbls (31 December 2021: 104 MMbbls) respectively at the end of 2022.

Ongoing positive performance at the Tawke PSC has boosted the 1P number and helped to offset the reduction in 2P reserves at Sarta.

Remaining reserves (MMbbls) Resources (MMboe)
Contingent Prospective
1P 2P 1C 2C Best
Gross Net Gross Net Gross Net Gross Net Gross Net
31 December 2021 238 63 391 104 163 49 400 122 5,443 3,274
Production (42) (11) (42) (11)
Acquisitions and disposals (13) (5) (55) (22) (585) (234)
Extensions and discoveries
New developments
Revision of previous estimates 71 17 0 (1) (113) (33) (216) (63) (136) (34)
31 December 2022 267 69 349 92 37 11 129 36 4,722 3,006


Production averaged 30,150 bopd in 2022, driven by the ongoing positive performance of the Tawke license.


Tawke PSC (25% working interest)

Gross production at the Tawke license averaged 107,090 bopd in 2022, of which the Peshkabir field contributed 62,040 bopd, and the Tawke field 45,050 bopd.

By the end of 2022 the Tawke field had delivered three consecutive quarters of production growth, the first quarterly increases since 2015, as new wells were drilled, workovers conducted on existing ones, and gas injection stepped up to counter natural field decline.

In 2022, the field partners also completed the $25 million expansion of the Peshkabir-to-Tawke gas project, Kurdistan’s only gas capture and enhanced recovery injection project. Since 2020, the project has captured 1.2 million tonnes of CO2e through avoided flaring.

Sarta (30% working interest, operator)

Gross production averaged 4,710 bopd in 2022. Following the disappointing appraisal results and pilot production, Genel’s focus is on making ongoing production from Sarta profitable, with any further capital investment contingent on both license profitability and the extent to which there can be confidence that such investment can add cash generative production.

Taq Taq (44% working interest, joint operator)

Gross production at Taq Taq averaged 4,490 bopd in 2022. Activity in 2023 is expected to include one sidetrack well targeting the Upper Shiranish formation.



Preparation continues for the drilling of the Toosan-1 well on the highly prospective SL10B13 block (51% working interest and operator).

The Toosan prospect contains stacked Mesozoic reservoir objectives, with multiple individual prospective resource estimates each ranging from 100 to 200 MMbbls.

Environmental and social impact assessments are continuing, and community engagement efforts are ramping up. Tendering for the rig and well services is ongoing. Genel continues to target a spud date in the next 12-16 months, acknowledging the challenges of operating in such a frontier area with limited existing infrastructure.

In Q3 2022, samples from a water well drilled by the Ministry of Water Resources Development near a village on the Odewayne license (50% working interest and operator) indicated trace hydrocarbons. Traces of oil have historically been found in surface seepages across Somaliland, and Genel is set to obtain a more meaningful sample in 2023, helping to define any future work program on the license.

Morocco (Lagzira block – 75% working interest and operator)

The Petroleum Agreement and Association Contract was signed with ONHYM in February for a full eight-year exploration term (in three exploration periods), with attractive fiscal terms.

The Lagzira block (formerly Sidi Moussa) is a large offshore license, in water depths of 200-1,200 meters, with a proven petroleum system following Genel’s 2014 SM-1 well which recovered oil from Upper and Middle Jurassic reservoirs.

3D seismic acquired in 2018 resulted in a significant uplift and improvement in subsurface imaging and prospects have been high-graded, and the new data has highlighted new plays and provided an enhanced understanding of the SM-1 well result.

In total, 18 prospects and leads have been identified, with over 2.5 Bboe mean recoverable resource potential with individual prospects estimated at 100-700 MMbbls each.

Genel has launched a process to find a partner to take a material equity position and jointly pursue the exploration program in the block, with the opportunity to drill and test one of the high-graded prospects.


(all figures $ million) FY 2022 FY 2021
Brent average oil price $101/bbl $71/bbl
Revenue 432.7 334.9
Production costs (51.1) (45.9)
Cost-recovered production asset capex (85.9) (49.9)
Production business net income after cost recovered capex 295.7 239.1
G&A (excl. non-cash) (19.2) (12.4)
Net cash interest5 (19.2) (26.1)
Working capital (9.7) (19.7)
Payments for deferred receivables 94.4 35.1
Changes to payment days6 (44.4) (65.0)
Free cash flow before investment in growth 297.6 151.0
Pre-production capex (57.2) (88.6)
Working capital and other (5.6) 23.5
Free cash flow 234.8 85.9
Dividend paid (47.9) (44.4)
Other (1.3)
Bond repayment (6.0) (81.0)
Net change in cash 180.9 (40.8)
Cash 494.6 313.7
Amounts owed for deferred receivables 16.5 114.6

Strategy focused on our dividend

In 2022, we refocused our business towards delivering shareholder returns primarily through our established dividend program. The dividend program has three key pillars:

  • Material: it is competitive with the ordinary dividend of peers
  • Sustainable: it is repeatable and reliable
  • Progressive: it increases as the repeatable cash generation of the business grows

That dividend program has paid $177 million to shareholders since inception in 2019.

Funding the dividend program is the frame that we apply to our capital allocation decisions and the type of assets that we want in our portfolio, with a focus on acquiring or developing low-cost, cash-generative assets to build a business with consistent, long-dated, diversified, and resilient cash generation.

Total dividends paid in 2022 amounted to $50 million (2021: $44 million), representing 18¢ per share (2021: 16¢ per share).

The Board has now approved the retention of the final dividend at 12¢ per share, in addition to the interim dividend of 6¢ per share that was paid in October 2022.

The payment timetable for the final dividend is below:

  • Ex-dividend date: 20 April 2023
  • Record date: 21 April 2023
  • Annual General Meeting: 11 May 2023
  • Payment date: 19 May 2023

2022 financial priorities

The table below summarises our progress against the 2022 financial priorities of the Company as set out at our 2021 results.

2022 financial priorities Progress
  • Maintain our financial strength and put that financial strength to work through investing in growth opportunities
  • Material cash generation
  • Material recovery of deferred receivables
  • Net cash increased
  • Sarta appraisal delivered
  • Maximise NPV by prioritising highest value investment in assets with ongoing or near-term cash and value generation
  • Focus of capital allocation on cash-generative investment in the Tawke PSC
  • Deliver 2022 work program on time and on budget


  • Work program activity delivered, capital expenditure guidance maintained
  • Continue to focus on growing our income streams and cash generation, bringing greater resilience and diversity to the business, and supporting our sustainable and progressive dividend program
  • Allocation of capital to Sarta appraisal programs and progression of Somaliland
  • Morocco farm-out process underway
  • Continue to explore value-accretive additions

Outlook and financial priorities for 2023

We carry significant liquidity and are net cash positive with our outlook cash generation expected to cover our established dividend in the medium-term.

The focus of the business is now on investing capital to add income streams and drive the long-term cash generation profile of the business, building a stronger Company and providing shareholders with a clear line of sight for a long-term and ultimately progressive dividend.

We continue to see a long-term oil price that is supportive to our business, and coupled with our focus on the right barrels in the right locations, means we are committed to our business model and remaining resilient to volatility and the challenges faced by the sector.

For 2023, our financial priorities are the following:

  • Maintain business resilience and balance sheet strength
  • Put our significant cash balance to work, earning appropriate returns to deliver value to shareholders primarily through our dividend program and diversify our cash generation
  • Deliver the 2023 work program on time and on budget, and continue simplification of the business with a focus on optimization and cost control and investment in business improvement

Financial results for the year

Income statement

(all figures $ million) FY 2022 FY 2021
Brent average oil price $101/bbl $71/bbl
Production (bopd, working interest) 30,150 31,710
Profit oil 149.2 120.6
Cost oil 141.1 100.4
Override royalty 142.4 113.9
Revenue 432.7 334.9
Production costs (51.1) (45.9)
G&A (excl. depreciation and amortisation) (20.0) (13.9)
EBITDAX 361.6 275.1
Depreciation and amortisation (149.2) (172.8)
Exploration expense (1.0)
Net impairment / write-off of oil and gas assets (201.3) (403.2)
Net reversal of impairment of receivables 8.2 24.1
Net finance expense (25.4) (31.0)
Income tax expense (0.2) (0.2)
Loss (7.3) (308.0)

With our predictable production over 30,000 bopd (2021: 31,710 bopd) the 40% increase in oil price resulted in a significant increase in revenue to $433 million from $335 million last year.

Production costs of $51 million increased from the prior year (2021: $46 million), with cost per barrel $4.6/bbl in 2022 (2021: $4.0/bbl), principally caused by higher operating costs per barrel at Sarta.

Corporate cash costs were $18 million (2021: $12 million), with an additional $5 million incurred on legal spend.

The increase in revenue resulted in a similar increase to EBITDAX, which was $362 million (2021: $275 million). EBITDAX is presented in order to illustrate the cash profitability of the Company and excludes the impact of costs attributable to exploration activity, which tend to be one-off in nature, and the non-cash costs relating to depreciation, amortization, impairments, and write-offs.

Depreciation of $110 million (2021: $115 million) and Tawke intangibles amortization of $39 million (2021: $58 million) decreased due to lower production and the completion of amortization of the Tawke override intangible asset in July 2022.

The Company has reported a write-off expense of $78 million relating to Qara Dagh, and an impairment expense of $126 million relating to Sarta. A net impairment reversal of $8 million has been recognized relating to receivables. Further explanation is provided in note 1 to the financial statements.

Interest income of $7 million (2021: $0.2 million) has significantly increased as a result of an increase in interest rates, in turn reducing our cost of debt, which is helpful as we carefully view acquisition opportunities. Bond interest expense of $26 million (2021: $26 million) was in line with previous year. Other finance expenses of $6 million (2021: $5 million) related to non-cash discount unwinding on provisions.

In relation to taxation, under the terms of KRI production sharing contracts, corporate income tax due is paid on behalf of the Company by the KRG from the KRG’s own share of revenues, resulting in no corporate income tax payment required or expected to be made by the Company. Tax presented in the income statement was related to taxation of the service companies (2022: $0.2 million, 2021: $0.2 million).

Capital expenditure

Key to our business model remains financial discipline, with investment focused on cash generation and in turn free cash flow and the support of our dividend. Capital expenditure was reduced to $143 million (2021: $164 million), with spend on production assets of $133 million, and pre-production assets of $10 million.

(all figures $ million) FY 2022 FY 2021
Cost-recovered production capex  85.9  49.9
Pre-production capex – oil  47.5  55.4
Pre-production capex – gas  –  5.0
Other exploration and appraisal capex  9.7  53.4
Capital expenditure  143.1  163.7

Cash flow, cash, net cash, and debt

Gross proceeds received totaled $473 million (2021: $281 million), of which $124 million (2021: $73 million) was received for the override royalty and $94 million for receivable recovery (2021: $35 million).

This was despite the receipt of 10 payments from the KRG in 2022, instead of the expected 12. Genel continues to work with other IOCs in the KRI and the KRG to deliver timely payments, which in turn enable ongoing investment in Kurdistan. Expenditure in the KRI will be appropriate to the payment environment.

(all figures $ million) FY 2022 FY 2021
Brent average oil price $101/bbl $71/bbl
EBITDAX 361.6 275.1
Working capital 50.8 (47.0)
Operating cash flow 412.4 228.1
Producing asset cost recovered capex (77.8) (46.9)
Development capex (50.4) (41.6)
Exploration and appraisal capex (20.0) (24.1)
Interest and other (29.4) (29.6)
Free cash flow 234.8 85.9

Free cash flow is presented in order to illustrate the free cash generated for equity. Free cash flow was $235 million (2021: $86 million) with an overall increase mainly as a result of higher Brent.

(all figures $ million) FY 2022 FY 2021
Free cash flow 234.8 85.9
Dividend paid (47.9) (44.4)
Other (1.3)
Bond repayment (6.0) (81.0)
Net change in cash 180.9 (40.8)
Opening cash 313.7 354.5
Closing cash 494.6 313.7
Debt reported under IFRS (266.6) (269.8)
Net cash 228.0 43.9

The bonds maturing in 2025 have two financial covenant maintenance tests:

Financial covenant Test YE 2022
Equity ratio (Total equity/Total assets) > 40% 56%
Minimum liquidity > $30m $495m

Net assets

Net assets at 31 December 2022 were $528 million (31 December 2021: $581 million) and consist primarily of oil and gas assets of $327 million (31 December 2021: $539 million), trade receivables of $117 million (31 December 2021: $158 million) and net cash of $228 million (31 December 2021: $44 million).

Liquidity/cash counterparty risk management

The Company monitors its cash position, cash forecasts, and liquidity on a regular basis. The Company holds surplus cash in treasury bills or on-time deposits with a number of major financial institutions. Suitability of banks is assessed using a combination of sovereign risk, credit default swap pricing, and credit rating.

Going concern

The Directors have assessed that the Company’s forecast liquidity provides adequate headroom over forecast expenditure for the 12 months following the signing of the annual report for the period ended 31 December 2022 and consequently that the Company is considered a going concern. Further explanation is provided in note 1 to the financial statements.

The Company is in a net cash position with no near-term maturity of liabilities.

Consolidated statement of comprehensive income

For the year ended 31 December 2022

2022 2021
Note $m $m
Revenue 2 432.7 334.9
Production costs 3 (51.1) (45.9)
Depreciation and amortization of oil assets 3 (149.1) (172.7)
Gross profit 232.5 116.3
Exploration expense 3 (1.0)
Net write-off of intangible assets 1,3,8 (75.8) (403.2)
Impairment of property, plant, and equipment 3,9 (125.5)
Net reversal of impairment of receivables 3,10 8.2 24.1
General and administrative costs 3 (20.1) (14.0)
Operating profit / (loss) 18.3 (276.8)
Operating profit / (loss) is comprised of:
EBITDAX 361.6 275.1
Depreciation and amortization 3 (149.2) (172.8)
Exploration expense 3 (1.0)
Net write-off of intangible assets 3,8 (75.8) (403.2)
Impairment of property, plant and equipment 3,9 (125.5)
Net reversal of impairment of receivables 3,10 8.2 24.1
Finance income 5 6.7 0.2
Bond interest expense 5 (25.9) (26.3)
Other finance expense 5 (6.2) (4.9)
Loss before income tax (7.1) (307.8)
Income tax expense 6 (0.2) (0.2)
Loss and total comprehensive expense (7.3) (308.0)
Attributable to:
Owners of the parent (7.3) (308.0)
(7.3) (308.0)
Earnings / (Loss) per ordinary share ¢ ¢
Basic 7 (2.6) (111.4)
Diluted 7 (2.6) (111.4)
EPS excluding impairments7 66.7 25.8

Consolidated balance sheet

At 31 December 2022

2022 2021
Note $m $m
Non-current assets

Download full results here 


  1. EBITDAX is operating profit / (loss) adjusted for the add-back of depreciation and amortization, impairment/write-off of oil and gas assets and net reversal of impairment of receivables
  2. Free cash flow is reconciled on page 10
  3. Reported cash less IFRS debt (page 10)
  4. EPS excluding impairment is loss and total comprehensive expense adjusted for the add-back of net impairment/write-off of oil and gas assets and net reversal of impairment of receivables divided by weighted average number of ordinary shares
  5. Net cash interest is bond interest payable less bank interest income (see note 5)
  6. At year-end the KRG owed five months of sales, adversely impacting free cash flow for the year by $44.4 million (2021: $65.0 million)
  7. EPS excluding impairment is loss and total comprehensive expense adjusted for the add-back of net impairment/write-off of oil and gas assets and net reversal of impairment of receivables divided by weighted average number of ordinary shares

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