Last checked at 21 Mar 2012 07:05
Genel Energy plc
21 March 2012
Successful completion and testing of Tawke-16 well
Genel Energy plc ("Genel Energy") notes that DNO International ASA ("DNO"), as operator of the Tawke Field in the Kurdistan Region of Iraq, has today issued the following press release:
"DNO announced today that its just-completed Tawke-16 well in the Kurdistan Region of Iraq flowed at a cumulative rate in excess of 25,000 barrels per day of 26-27º API gravity oil from multiple, independently tested zones. The Company expects to connect the well to existing pipeline and processing facilities by mid-April, boosting the Tawke field's deliverability.
The Tawke-16 well was designed to probe and appraise the undrilled northern flank of the Tawke field. It reached total depth of 2,369 metres and encountered over 350 metres of gross continuous oil column in the Cretaceous interval of the Tawke field. The well was spud in late December 2011 and the cost to drill, complete and test the well was under $7 million.
DNO International will continue to actively develop the Tawke field, with the goal of establishing
100,000 barrels per day of sustainable deliverability before year end. Tawke-16 is the first of four wells targeting the Cretaceous interval that the Company plans to drill in 2012, while a fifth, Tawke Deep, will also penetrate the deeper Jurassic and Triassic intervals in the field later this year."
Bijan Mossavar-Rahmani, DNO's Executive Chairman said:
"The Tawke-16 test exhibited exceptional flow characteristics and confirmed the reservoir quality and productivity of the northern extension of the Tawke field. In fact, based on these test results, Tawke-16 likely is the most prolific well drilled so far in this field by the Company."
Tony Hayward, chief executive of Genel Energy said:
"This is a very encouraging result. The successful completion of testing at Tawke-16 has further substantiated the quality of the Tawke field and the potential resource upside that we believe to exist. Genel Energy remains committed to increasing the size and the scale of our existing business in the Kurdistan Region and this result, along with the extensive exploration programme of 7 high impact wells over the next 18 months, is a good step to achieving that aim."
For further information, please contact:
Genel Energy Julian Metherell, Chief Financial Officer Natalie Fortescue, Investor Relations | +44 20 7659 5100 |
RLM Finsbury Ed Simpkins Jenny Davey | +44 20 7251 3801 |
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. For further information, please refer to www.genelenergy.com
Genel Energy holds a 25% interest in the Tawke Field, DNO holds a 55% operated working interest and the Kurdistan Regional Government holds the remaining 20% interest.