**Summary of Genel Energy PLCs Unaudited Results for the Period Ended 30 June 2025**
Genel Energy PLC reported its unaudited results for the first half of 2025, highlighting robust production from the Tawke PSC in the Kurdistan Region of Iraq, consistent domestic market demand, and strategic progress in Oman and Somaliland.
**Key Highlights**
1. **Production and Revenue**
Tawke PSC delivered stable production of 19,600 barrels of oil per day (bopd) in H1 2025, consistent with H1 2024 (19,510 bopd).
Revenue was $35.8 million, slightly lower than H1 2024 ($37.6 million), with an average realized price of $33/bbl.
2. **Financial Performance**
EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortization, and Exploration Expenses) was $25.3 million, up from $13.3 million in H1 2024.
Free cash flow was $4.7 million, down from $8.5 million in H1 2024, due to lower working capital benefits.
Net cash position improved to $134.4 million, up from $125.5 million at the end of 2024, supported by a significant cash holding of $225 million.
3. **Strategic Initiatives**
**Oman (Block 54)** Started work on testing discovered hydrocarbon pay zones, with results expected by the end of Q1 2026. This will guide further development and value realization over the next three years.
**Kurdistan Region of Iraq** Faced temporary production disruptions due to drone attacks in July 2025. The company is working to assess damage, enhance safety protocols, and resume full production. Insurance coverage is expected to mitigate financial impacts.
**Export Discussions** Continued engagement with the Kurdistan Regional Government and Federal Government of Iraq to resume oil exports on acceptable terms, though timing remains uncertain.
4. **Financial Position and Outlook**
Successfully refinanced bond debt in April 2025, extending maturity to 2030 and increasing cash holdings.
Exited unprofitable licenses (Sarta, Qara Dagh, Taq Taq, and Lagzira) with minimal residual liability, reducing ongoing costs.
Reiterated guidance that net cash at year-end is expected to remain stable compared to the start of the year.
5. **Sustainability and Social Responsibility:**
Portfolio carbon intensity remains <mark style="background-color:yellow">below</mark> the industry average target at under 14 kgCO2e/bbl.
Continued the Genel20 Scholarship program, supporting education for undergraduates in the Kurdistan Region of Iraq.
**Challenges**
Temporary production halt due to drone attacks in Kurdistan, with ongoing efforts to restore operations.
Uncertainty around the resumption of oil exports from Kurdistan, impacting revenue potential.
**Conclusion**
Genel Energy demonstrated resilience in H1 2025, maintaining production levels and financial stability despite operational challenges. Strategic investments in Oman and ongoing efforts to resume exports in Kurdistan position the company for future growth, supported by a strong balance sheet and commitment to sustainability.