(Alliance News) - Genel Energy PLC on Tuesday said it has signed a drilling contract with Parker Drilling for the QD-2 well on the Qara Dagh field located in the Kurdistan region of Iraq.
The London-headquartered oil & gas explorer said it has procured the Parker-269 rig to drill the QD-2 well, which will test the structural crest 10 kilometres to the north-west of the QD-1 well. The QD-1 well tested sweet, light oil from Cretaceous carbonates.
Civil construction works for the well pad and camp are now underway, and the well is on track to spud in the first half of 2020, Genel Energy said.
The company serves as the operator and has 40% working interest in the Qara Dagh field. Unrisked gross mean resources of Qara Dagh are currently estimated by Genel at 200 million barrels.
Genel Energy shares were up 1.1% at 186.05 pence each in London on Tuesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Genel Energy (GENL)