Genel Energy plc, formerly Vallares PLC, is an exploration and production company. It is an independent oil producer in the Kurdistan Region of Iraq. As of December 31, 2011, it had operational bases in Ankara, Turkey; in Taq Taq, Erbil and Suleimaniah in the Kurdistan Region, and in London. As of December 31, 2011, the Company�s oil producing fields of Taq Taq (in which it held a 44% interest) and Tawke (25% interest) had estimated gross proven and probable reserves of 1.2 billion barrels of oil and proven, probable and possible reserves of 1.9 billion barrels of oil. During the year ended December 31, 2011, the Taq Taq and Tawke fields produced over 140,000 barrels of oil produced daily gross. In January 2013, it acquired 49% interest in the Miran exploration block in the Kurdistan Region of Iraq. In March 2013, Mediterranean Oil & Gas Plc completed the sale of 75% interest in Phoenicia Energy Company Ltd to Genel Energy plc (Genel).