Genel Energy plc - ADR (GEGYY)
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Genel Energy details major concert party stakes in takeover disclosure
A connected shareholder controls nearly a quarter of Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) following its designation as a takeover target. The business holds no direct interests, financial derivatives, or subscription rights in its own name.
Genel rejects £202 million cash approach from DNO
Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) has rejected a £202 million cash approach from DNO, its Norwegian rival in the Kurdistan region of Iraq. DNO has taken the proposal public after being rebuffed, a move that raises pressure on the Genel board to open talks.
Genel to buy Capricorn Energy in $360 million cash deal
Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) has agreed to buy Capricorn Energy in a recommended cash deal valuing the target at around $360 million. The London-listed oil and gas producer will pay $4.74 for each Capricorn share through an indirectly owned subsidiary, Genel Energy No.9.
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Genel Energy plc - ADR Profile
| Oil, Gas & Consumable Fuels Industry | Energy Sector | John Paul Weir CEO | OTC PINK Exchange | 368705109 CUSIP |
| GB Country | 74 Employees | 5 Jun 2023 Last Dividend | - Last Split | - IPO Date |
Overview
Genel Energy plc is an independent oil and gas exploration and production company that has a diversified portfolio of assets. It operates mainly through its two distinct segments: Production and Pre-production. Founded in 2013 and with its headquarters in London, United Kingdom, Genel Energy has positioned itself as a significant player in the oil and gas industry. Through its strategic operations and interests in various oil-producing blocks, Genel Energy plc focuses on delivering sustainable value and growth.
Products and Services
Genel Energy plc offers a range of products and services related to the exploration and production of oil and gas, divided into two main segments:
- Production
This segment of Genel Energy plc is involved in the active production of oil and gas. Notably, it includes:
- A 25% working interest in the Tawke PSC, which is a crucial production-sharing contract for one of its primary assets.
- A 44% working interest in the Taq Taq PSC, demonstrating Genel Energy's significant stake in another key oil production block.
- Pre-production
This segment encompasses the company's future prospects and exploration activities, largely consisting of:
- A 50% working interest in the Odewayne block, located in Somaliland, which signifies the company’s strategic investment in exploring new territories.
- A 51% working interest in the SL10B13 block in Somaliland, further emphasizing Genel Energy’s focus on untapped resources in emerging markets.
- A 75% working interest in the Lagzira block in Morocco, highlighting the company’s intent to explore and potentially develop new oil and gas fields in North Africa.
