Genel Energy Plc

Genel Energy Plc said it expected to book about $1 billion in impairment to the 2015 value of its Taq Taq oilfield in the Kurdistan Regional Government (KRG) in northern Iraq, citing a reduced estimate for recoverable reserves there and falling oil prices, as reported by Reuters on Feb. 29. 

Shares in the company lost nearly a fourth of their value in early morning trade in London.

Genel Energy PLC has announced the company's president, Mehmet Sepil, has retired effective immediately in a written statement on Oct. 14. 

Sepil founded Genel Energy and was CEO from 2002 until a merger with Vallares PLC in 2011, when he became president of the company.

The London-based and northern Iraq-focused oil explorer and producer Genel Energy Plc reported a 15 percent rise in first-half core profit, helped by an increase in its production capacity. 

Genel said production rose 41 percent to 88,800 barrels of oil equivalent per day (boepd) from its key fields in the autonomous Kurdistan Regional Government (KRG) territories of Iraq.