Kupe Production Update

Genesis Energy advises that the well intervention campaign at Kupe KS-9 has concluded, with work unable to produce sufficient flow to sustain operation of the well due to the reservoir pressure level and liquid inflows. As a result, maximum gas production is 47TJ/day. Further interventions may be considered in due course.

Lower than expected production is estimated to result in a $15m to $20m reduction in FY24 EBITDAF versus previous guidance of around $430m. Normal FY25 financial planning is underway and will include an assessment of updated Kupe production levels and reserves.

Malcolm Johns, CEO, commented: “Gas production across New Zealand continues to decline faster than expected and as previously stated, less gas means more coal. This reinforces the importance of Gen35 and Genesis remains focused on its long-term strategy.”

ENDS

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