Genel Energy's main Taq Taq oil field in Iraqi Kurdistan has seen falling output in 2017, but the rate of decline has slowed recently, the company said in a statement prepared for its annual general meeting on June 6.
Shares in Genel, which have fallen more than 92% since its peak in 2014, were down 3.2% at 84.50 pence in early trading.
The oil producer said it would target further investment in Taq Taq, and cautioned that "it remains too early to extrapolate long-term conclusions" from field production trends.
Genel co-founder Nathaniel Rothschild quit on June 5, joining co-founder Tony Hayward, and CFO Ben Monaghan, who have announced plans to depart.
Hayward, formerly CEO of BP Plc (NYSE: BP), said in the company's statement that its board composition is under review. He will retire from the board on June 6.
Genel shares have plunged after two downgrades to reserves at Taq Taq, failed exploration campaigns in Africa, political unrest in Iraq and a sharp drop in oil prices since 2014.
Under CEO Murat Ozgul, who took over from Hayward in 2015, Genel is focused on retrieving money it claims to be owed by the Kurdistan Regional Government (KRG) for oil it has sold, and on finding a partner to develop two gas fields in the region, with the aim of linking them to neighboring Turkey.
"The economic situation in the Kurdistan Region of Iraq continues to improve," Hayward said on JUne 6, adding that the KRG has made gross payments of $316 million so far this year. Genel said it has now received oil export payments for 18 consecutive months, adding it expects to continue receiving payments.
The company also said its Tawke Field in Iraqi Kurdistan continued to perform in line with expectations, while it expects the Peshkabir Field, situated west of Tawke, to add to production from the end of 2017.
Net production averaged 37,700 barrels per day (bbl/d) of oil in the year to May 31, with average production from Taq Taq of 23,300 bbl/d, Genel said.
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