Genesis Energy Undertaking Strategic Review of Kupe

MARKET RELEASE
Date: 27 November 2020
NZX: GNE / ASX: GNE
GENESIS ENERGY UNDERTAKING STRATEGIC REVIEW OF ITS KUPE ASSET
Genesis Energy today announces that it is undertaking a strategic review in relation to its interest in
Kupe.

Genesis owns a 46% stake in the Kupe oil and gas field. The asset has attractive cash flow and a strong
growth outlook. The Kupe joint venture is now considering further development, including drilling an
additional well and further exploration, which changes the risk and opportunity profile of the asset for
Genesis. Accordingly, the Board now considers it an appropriate time to review Genesis’ ongoing
ownership of its 46% interest in Kupe.

The review will consider a number of areas including the returns and risks of a potential drilling
programme, the optimal capital structure for the Company and whether there are more strategically
aligned capital investment opportunities. The Board will assess whether continued ownership or a
sale is in the best interest of shareholders.

It is not expected that the outcome of this strategic review will impact our ability to maintain the
current level of dividends or our long-term contractual rights to all gas associated with the Kupe asset.

An announcement regarding the outcome of the review is being targeted for mid 2021.

RBC Capital Markets have been appointed to assist with the review. A conference call for investors
and analysts will be held at 11.00 am (NZDT) this morning.

ENDS


For media enquiries, please contact:
Allan Swann
External Communications Manager
M: 027 211 4874
For investor relations enquiries, please contact:
Tim McSweeney
Investor Relations Manager
M: 027 200 5548




About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity,
reticulated natural gas and LPG through its retail brands of Genesis and Energy Online and is New Zealand’s
largest energy retailer with approximately 500,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has
a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of $NZ2.6bn during the 12 months ended 30 June 2020. More information can be
found at www.genesisenergy.co.nz