Genel Energy announces operational update of the Tawke license

Thursday, July 05, 2012

Genel Energy plc notes that DNO International ASA ("DNO"), as operator of the Tawke license in the Kurdistan Region of Iraq, has today issued a press release containing the following information:

"DNO has completed testing of the Peshkabir-1 well and is preparing to submit a discovery notice pursuant to the terms of the production sharing contract covering the Tawke license.

Drilled to a total depth of 4,092 meters, the deepest yet for the Company in Iraq, the well targeted a large undrilled feature west of the currently producing Tawke field. Oil shows were encountered in the Cretaceous, Jurassic and Triassic intervals and six zones were tested. The Jurassic Sargelu formation tested 27-29 API oil and water at varying rates of oil and water cut. The Triassic Kura Chine A and B intervals and the Cretaceous Mushora, Quamchuqa and Shiranish intervals produced formation water.

The joint venture will now undertake detailed evaluation of the results of the well; a proposal to acquire approximately 200 square kilometres of 3-D seismic has already been submitted and approved by the authorities. The Peshkabir-1 well will be temporarily suspended for possible re-entry later this year.

The Tawke-18 well, spud on 28 May, is drilling ahead at 1,462 meters, about halfway to the planned total depth of 3,085 meters. The well is designed for additional Cretaceous production towards the target 100,000 barrels per day year end Tawke field deliverability. The well will also test an exploration target below the main field bounding fault.

In parallel with its stepped up operational activities in the Kurdistan Region of Iraq, the Company continues to ramp up production and sales of oil to the local market."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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Source: http://feeds.oilvoice.com/~r/MiddleEastHeadlines/~3/w9S0-fk7YJQ/2dd5e6fa98c3.aspx

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