Ginl energy warns of the arrival of the 2016 minimum revenue weakness


26/10/2016-14:13




Ginelle said energy, Wednesday, it expects full year revenue to reach the minimum target range because of weaker-than-expected production and led to a decline in its stock to its lowest level in seven months.

Reuters reported citing the company which is one of the major oil producing companies in the Kurdistan region of Iraq, that production levels for 2016 will be at minimum target range between 53 and 60, 000 barrels per day.

And saw the main field knock field company which exceeds 170 million barrels of reserves decline in overall production in the third quarter to 58 000 and 600 barrels a day versus 68 000 and 800 barrels per day in the first half of the year, with production from existing wells.

This prompted the company to warn that earnings in 2016 will be at minimum target range between 200 million and 230 million dollars which already lowered in July of between 200 million and $ 275 million.

The company's shares tumbled 11 percent to 83 pence by after falling to 76.25 pence, the lowest level since March.

Ginelle energy company oil producing and listed on the London Stock Exchange on 13 July decided to suspend all operations for this year in a bid to curb expenses at the time got some dues which was claimed by the Kurdistan Regional Government.

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