Genel reports a loss but is still upbeat on production

GENEL Energy, run by former BP boss Tony Hayward, yesterday reported a loss in its maiden results but was buoyed by strong production figures.

The firm, which relisted in London in November after a merger between an energy group and Hayward’s acquisition vehicle Vallares, show a $57.7m (£36.3m) loss on revenues of $24m.

There was a jump in production to 42,000 barrels of oil a day from 2010 to 2011.

Meanwhile reserves surged by 60 per cent.

Hayward, who is in business with Nathaniel Rothschild, said: “We are the largest independent oil producer in the Kurdistan region of Iraq with world class assets and an exciting high impact exploration portfolio.

“With $1.9bn of cash available to invest in new opportunities we look forward to an exciting future.”