Genel Spuds Kurdistan Well

Genel Energy announced Monday that it spud its Chia Surkh 10 exploration well Sunday in the Kurdistan region of Iraq.

The Chia Surkh 10 well is the first to be drilled on the Chia Surkh exploration block, which covers an area of approximately 380 square miles in the southern part of Kurdistan. It has prospective resources estimated at more than 300 million barrels of oil equivalent.

The well is designed to test the Lower Miocene to Palaeocene section and is anticipated to be drilled to a total depth of approximately 8,200 feet with results expected in the first quarter of 2013.

Genel is the operator of Chia Surkh with a 60-percent interest.

Later this week, Genel is expected to update on production guidance and plans to develop its Miran block (also in Kurdistan), along with details of its exploration program in new licenses in Malta, Morocco, Cote d'Ivoire and Somaliland, according to oil sector analysts at London-based Oriel Securities.



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