Genel Energy PLC: Summons to bondholder meeting

25 March 2019

Genel Energy plc

Summons to bondholder meeting

With reference to communication on 20 March related to a potential amendment of the terms of the GENEL01 $300 million senior unsecured bond, Genel Energy plc ('Genel' or 'the Company') has today posted a summons to a bondholder meeting to be held on 8 April 2019. For further information, please see www.stamdata.no.

As previously announced, Genel has initiated a material and sustainable dividend policy. Following a pre-sounding exercise towards larger bondholders the Company is seeking a waiver of the dividend restriction in 2019.

The dividend policy provides a meaningful and competitive return to shareholders, which is appropriately commensurate with the underlying value of the business without compromising Genel's ability to invest in growth through the progression of value realisation from the existing portfolio and the acquisition of appropriate new assets, and service its debt.

As at 28 February 2019, the Company was in a net cash position of $81 million, with material free cash generation expected in the rest of 2019.

-ends-

For further information, please contact:

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. Through its Bina Bawi and Miran fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.