Genel Energy (LON:GENL) says it is now in a very strong position, after a "transformational" 2013.
Last year, in Kurdistan, the group's operational momentum was matched by political developments, chief executive Tony Hayward said.
This is particularly evident in the progress on exports. The new pipeline connecting oilfields in Kurdistan to Turkish oil ports is now complete, and has been functioning.
Around 700,000 barrels of oil is reportedly held in storage at Ceyhan awaiting export, once a political agreement is reached with Baghdad. And recent reports quote Taner Yildiz, Turkish energy minister, saying he believes an agreement between Kurdistan and Iraq's federal government was "close".
"The completion of the KRI oil pipeline has helped to create the platform for a 50% increase in production in 2014, with greater access to international pricing, while the signature of a gas sales agreement between the KRG and Turkish government provides the route to market for our very large KRI gas resource," Hayward said in this morning's full year results statement.
Genel also had success with the drill bit in 2013, with three successful wells in Kurdistan.
The company will be hoping to continue this success in 2014, beyond Kurdistan. This year Genel is pursuing a programme of wells across its frontier exploration portfolio.
Genel has already begun drilling on the Juby Maritime licence offshore Morocco, and it will soon start work on the Hagar Qim prospect offshore Malta.
"In Africa we have begun a high-impact exploration programme targeting over 900mln barrels of oil equivalent of prospective resource this year, with the first well underway in Morocco and a further three to follow in Malta and Morocco.
"Each well has the potential to make a material impact on our already significant reserve and resource base.
"The company remains very well-funded with $700mln of cash on the balance sheet, giving us significant financial firepower to invest in new upstream opportunities as and when they emerge."
Analysts said the financial results, which were in line with expectations, were "largely irrelevant" as last year was all about consolidation for Genel.
Nevertheless, the company reported revenues of US$347.9mln for the twelve months to December 31, versus US$333.4mln in the year before, and revealed that pre-tax profits more than doubled to US$186.5mln from US$75mln in 2012.
Earnings per share improved to 66.24p from 27.18p, and Genel ended December with net cash of US$699.7mln.
Production averaged 44,000 barrels of oil per day in during 2013, though this was largely constrained by export capacity as the export oil was trucked.
