GENEL ENERGY PLC - Interim Results

Genel Energy PLC’s H1 2026 investor update highlighted the resilience of its business despite a four-month production suspension at the Tawke field, while reinforcing its long-term growth strategy through the proposed acquisition of Capricorn Energy. Average production was impacted at 6,600 boepd, reflecting the temporary halt, but the Group maintained a strong financial position with $199 million of cash at period end, a net cash position of $108 million, and disciplined cost control supporting break-even operating cash flow. Management emphasised that the recommended all-cash acquisition of Capricorn Energy represents a transformational step, expected to double production to approximately 30,000 boepd, increase 2P reserves to 117 million boe, diversify cash flows geographically through entry into Egypt, and strengthen long-term earnings potential. Operationally, production at Tawke resumed in late June, drilling activity has restarted, and management remains optimistic about the eventual return of international exports, which could significantly enhance free cash flow. The Company also continues to advance high-impact exploration projects in Oman and Somaliland, targeting substantial organic resource growth. With a robust balance sheet, significant liquidity, disciplined capital allocation and multiple near-term catalysts, Genel Energy believes it is well positioned to deliver sustainable production growth, stronger cash generation and enhanced long-term shareholder value despite ongoing regional geopolitical uncertainty.