Genel Energy production levels increase in FY24
By Iain Gilbert
Date: Monday 27 Jan 2025
(Sharecast News) - Oil company Genel Energy said on Monday that both production and cash flow had improved in FY24.
Genel Energy said working interest production increased to an average of 19,650 barrels of oil per day in FY24, up from 12,410 bopd in FY23, while free cash came to an inflow $19.0m, a marked improvement on the prior year's outflow of $71.0m.
All production was sold into the market at an average of $35 per barrel, unchanged year-on-year.
The London-listed firm also highlighted that its net cash position stood at $131.0m, up from $120.0m at the start of the year, and said total debt had been reduced from $248.0m to $66.0m.
"We start 2025 with a business that has all the building blocks necessary to grow and become more successful," said chief executive Paul Weir.
As of 0930 GMT, Genel shares were down 5.74% at 59.10p.
Reporting by Iain Gilbert at Sharecast.com
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