OMV Makes Oil Discovery in Iraqi Bina Bawi Block

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OMV reported drilling success at its operated Bina Bawi block in the Kurdistan Region of Iraq. OMV is currently drilling an exploration well (Bina Bawi 3) and encountered hydrocarbons in one of the primary reservoir targets. The well is still being drilled and further investigations are planned in the course of the well operations including evaluation of deeper potential targets. OMV will inform about the full potential as soon as more information is available.

Jaap Huijskes, OMV Executive Board member and responsible for Exploration and Production stated, "We are very pleased to announce this discovery of oil. It seems good quality oil and it was flowing to surface following a drawdown test. We are now going to continue drilling but I am confident that the final results will be promising."

OMV has direct stakes in five blocks in the Kurdistan Region of Iraq, of which in three as operator. Operated blocks are Bina Bawi (36%), Shorish (100%) and Mala Omar (100%).


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