Genel Energy reported gross average production of 26,400 barrels of oil per day (bopd) in the first half, down from 78,400 bopd a year earlier, after output was suspended as a precaution when hostilities between the United States, Israel and Iran broke out at the end of February.
The AIM-listed oil and gas producer, focused on Kurdistan with pre-production assets in Oman and Somaliland, said production at its Tawke licence had reached 79,900 bopd gross just before the shutdown, close to December's 80,700 bopd.
The disruption pushed the production business netback to a negative $24 million, against a positive $6 million a year earlier, and drove a free cash outflow of $25 million versus a $5 million inflow in the first half of 2025.
Net cash fell to $108 million at 30 June from $134 million at the end of December, with cash of $199 million against $92 million of bond debt.
After the period, Genel issued $35 million of new bond debt at 104% of nominal value, implying a yield of 9.7%, taking total debt to $127 million within a facility with capacity for up to $200 million.
Drilling and well intervention at Tawke resumed in April, with production operations restarting towards the end of June, all sold domestically at an average $31 per barrel against $33 a year earlier.
Genel also flagged $88 million overdue from the Kurdistan Regional Government under KBT pricing, reduced by approximately $40 million of credit balances, separate from a $26 million arbitration costs award owed by a subsidiary after an unsuccessful appeal in April.
Chief executive Paul Weir said the recommended all-cash offer for Capricorn Energy, agreed on 2 July, marked "a significant step" in the company's strategy to diversify geographically into Egypt.
