Genel Energy to spend $500 mln exploring in five countries

 

 genel energyLondon-listed oil firm Genel Energy is planning to invest $500 million for exploration activities in Ethiopia, Somaliland, Ivory Coast, Malta and Morocco in the next two years, the company’s president said told Reuters on Friday.

“We will spend $250 million of this in 2014,” Mehmet Sepil said on the sidelines of Atlantic Summit in Istanbul, adding that the company currently has around a cash balance of $900 million, which will cover this investment budget.