(Alliance News) - Genel Energy PLC said on Monday testing of the TT-34 well at the Taq Taq field in the Kurdistan region of Iraq is nearing completion.
The Iraq focused oil & gas explorer said the well has produced from all zones tested, at a maximum combined flow rate of over 3,900 of barrels of oil per day. Genel has 44% working interest in the Taq Taq field.
With the inclusion of test production, gross production from the Taq Taq field is currently 13,650 barrels of oil per day, the company said.
"Individual zone testing is now underway, which will determine the long-term production strategy," the company said.
Genel now expects the well to be placed on production around the middle of January with an initial flow rate of 1,500-2,000 barrels of oil per day.
The company also said the rig has moved to drill the TT-35 well, also on the northern flank of the field, which is now preparing to be spud.
Genel Energy shares were down 1.3% in London at 180.65 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Genel Energy (GENL)