Last checked at (Sharecast News) - Genel Energy has suspended drilling operations at the QD-2 well of the Qara Dagh oil project in the Iraqi Kurdistan, due to "insurmountable technical problems", the company said on Tuesday.
Three sidetracks had been drilled after the miner hit more complex geology above the target reservoir than expected.
Genel, which holds a 40% working stake in the project, added that the licence partners had decided that it was "impractical to continue the drilling operations from this wellbore in an attempt to reach the primary objective".
"It is of course not the outcome that we wanted, but the geological case for Qara Dagh remains intact and attractive," said chief executive Bill Higgs.
4 Nov 2021 08:32
Genel hikes interim payout but guides lower on full-year oil production
(Sharecast News) - Genel Energy hiked its interim dividend by 20% on the back of rising oil prices and burgeoning cash flow, even as it reported delays to testing programmes at the Sarta and Qara Dagh oil fields and guided lower for full-year output.
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