Genel Might Starting Drilling In Somaliland In 2019 – CEO

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LONDON – Kurdistan-focused Genel Energy (GENL.L) might start drilling in Somaliland next year, Chief Executive Murat Ozgul said on Thursday, as the group reported 2017 results broadly in line with expectations.

Genel Energy
A drilling rig in the Miran block in Iraqi Kurdistan co-owned by Genel Energy and Heritage Oil. Genel may start drilling in Somaliland next year, it said. Sebastian Meye/Corbis

 “For the long term, I really like (our) Somaliland exploration assets. It’s giving me a sense of Kurdistan 15 years ago,” Ozgul said in a phone interview. “In 2019 we may be (starting) the drilling activities.”

Chief Financial Officer Esa Ikaheimonen said Genel will focus spending money from its $162 million cash pile on its existing assets in Kurdistan but added: “You might see us finding opportunities… somewhere outside Kurdistan.”

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