Genel Cuts Taq Taq Reserves Estimate by Almost 50%, Takes Charge

Genel Energy Plc, a U.K.-based oil producer operating in Iraqi Kurdistan, cut its estimate for reserves at the Taq Taq field.

The company reduced its estimate for gross recoverable proven and probable, or 2P, reserves at the deposit to 356 million barrels from 683 million barrels as of mid-2011, it said Monday.

Genel expects to record an impairment of about $1 billion to Taq Taq’s carrying value in its 2015 accounts, the London-based company said in a statement.

Link to Statement:Link

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