Key Metrics
Genel’s KPIs
Net 2P reserves
Net 2P reserves of 64 MMbbls represent a reduction largely by 2025 production of the Tawke PSC and disposal of the Taq Taq PSC.
Definition
2P reserves are proved plus probable reserves.
Relevance to strategy
2P reserves underpin the production, cash generation and valuation of the Company.
Objective: deplete efficiently, and enhance the value of, our existing 2P reserves through active reservoir management and cost-effective development. In addition, add new 2P reserves through a combination of de-risking contingent resource to commerciality, and exploration of prospective resources, both organically and inorganically through new business activity.
Performance
Genel’s 2P working interest reserves totalled 64 MMbbls at the end of 2025. The Tawke PSC 2P reserves saw a reduction of 6.4 MMbbls for 2025 production and a net revision of previous estimates of 2.1 MMbbls.
Net production
Working interest production of 17,520 bopd representing 10% reduction from 2024.
Definition
Production is average annual production measured in barrels of oil produced per day (bopd).
Relevance to strategy
Production from our fields is sold to generate revenue so is a key metric for measuring subsurface, operational, and investment success.
Objective: increase production year-on-year, build a portfolio and optimise reservoir performance through the lens of maximising cash generation and long-term value delivery.
Performance
Production from Tawke PSC was reliable and consistent in the first half of 2025, with H1 production exceeding rates from the same period of the previous year. In July 2025, production activities were significantly disrupted because of a drone attack at the Tawke field. However, average production for the months of the year not impacted by this incident were higher than 2024 rates despite no new wells adding to production, and working interest exit rates for 2025 were over 20,000 bopd.
Free Cash Flow
Free cash flow of $4 million (2024: $20 million).
Definition
Cash flow generated from operating activities, minus capital expenditure cash flows.
Relevance to strategy
Free cash flow enables funding to deliver shareholder value through investment and the payment of dividends, comprising two components:
- Production business netback, measuring cash generated from the production business after payment of corporate and operating expenses and net interest costs
- Free cash flow, measuring the cash generated after investment in preproduction assets
Objective: generate sustainable material free cash flow. Deliver resilient, sustainable core business netback that provides funding for investment, to allow for future growth, and the payment of dividends.
Performance
Consistent domestic market, efficient and effective performance of the Operator, and stopping non-value spend across the business resulted in double digit production business netback of $10 million (2024: $5 million). Capital investment in Somaliland and Oman resulted in free cash flow of $4 million despite production interruption at Tawke (2024: $20 million, which benefited from significant overlift).
Dividends announced
Genel did not announce a dividend in the 2025 financial year.
Definition
The combined total distribution of the final and interim dividends announced in the calendar year.
Relevance to strategy
Dividends are an important component of our strategy for delivery of shareholder value.
Objective: to build a business with resilient and diversified cash flows that support payment of a regular dividend.
Performance
The Company’s dividend programme paid over $200 million of dividends (72p per share) between its first distribution in the first half of 2019 to its most recent distribution in the first half of 2023, when dividends were suspended following the suspension of exports in March of that year. The Company strategy remains focused on diversifying cash flows and building resilient cash generation, in order to restart the payment of a regular dividend.
Lost time incidents
Zero LTIs were recorded in 2025.
Definition
Lost time incident frequency measures the number of lost time incidents per million work hours. A lost time incident results from the occurrence of a Lost Time Injury ('LTI').
Relevance to strategy
The safety of our workforce remains critical to Genel's success. Genel is committed to safe and reliable operations across our portfolio, aiming for no lost time incidents.
Objective: in pursuit of maintaining a safe working environment, we set ourselves a LTI frequency target of zero.
Performance
Zero LTIs recorded in 2025. Over 4.7 million work hours have been recorded since the last LTI.
SPILLS – LOSS OF PRIMARY CONTAINMENT
Zero LOPC occurrences were recorded in 2025.
Definition
Loss of Primary Containment ('LOPC') refers to any unplanned or uncontrolled release of material from its primary containment. For example, potentially harmful or hazardous substances or products being unexpectedly released from a pipeline, vessel, or tank.
Relevance to strategy
Part of our commitment to being a sustainable business relies on minimising impact to the natural environment from our operations. As such, asset integrity is a priority for Genel which allows for continuous safe operations and which also mitigates potential impact to the environment.
Objective: safe operations with zero LOPC occurrences.
Performance
TThe zero LOPCs recoded in 2025 represents eight consecutive years of this performance.