8 April 2019
Genel Energy plc
Announcement of maiden dividend
Genel Energy plc ('Genel' or 'the Company') is pleased to announce that, at the bondholder meeting held today, the Company's proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed.
With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per share, a total distribution of $27.9 million.
As previously stated, given the strong free cash flow forecast of the business even after investment in growth opportunities, the Company intends to pay a minimum dividend of $40 million per annum. This will be split between an interim and final dividend, to be paid one-third/two-thirds. The final dividend reflects this split and will be subject to shareholder approval at the AGM on 16 May 2019.
Genel intends to announce an interim dividend of 5¢ per share as part of the 2019 half-year results, which are scheduled for 6 August 2019.
Bill Higgs, Chief Executive of Genel, said:
"Genel has highly cash generative assets and material growth opportunities in the portfolio. Even after drilling 20 wells in 2019 and progressing the exciting opportunities at Sarta and Qara Dagh, we still expect to generate over $100 million in free cash flow. We will continue to focus on delivering on our strategy as we begin the distribution of a material and sustainable dividend, and aim to provide investors with a compelling mix of growth and returns."
FINAL DIVIDEND PAYMENT TIMETABLE
- Annual General Meeting: 16 May 2019
- Ex-dividend date: 23 May 2019
- Record Date: 24 May 2019
- Payment Date: 24 June 2019
For further information on the dividend please see www.genelenergy.com.
DNB Markets and Pareto Securities were engaged as financial advisers to the Company in respect to the bond waiver request. For further information, please see www.stamdata.no.
For further information, please contact:
Andrew Benbow, Head of Communications
+44 20 7659 5100
+44 20 7390 0230
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.