Genel is boosting output at its flagship Tawke and Taq Taq oilfields with new wells, adding that at an average of $45 a barrel it expects free cash flow in 2019 to rise to more than $100 million.

The company had a cash pile of $164 million in 2018 when crude oil prices reached a high of over $86 a barrel.

This year it plans to drill three additional wells in Taq Taq and an undisclosed number of wells at Tawkel, although focus at the latter field will be on enhancing the recovery of producing wells, it said in a trading statement on Tuesday.

"Management is appraising the most effective model for balanced capital allocation in order to take advantage of growth opportunities, make value accretive additions to the portfolio, and pave the way to returning capital to shareholders," it said.