Oil Search Updates on Drilling at Taza-2 Well in Kurdistan

Oil Search Limited reported Thursday that at 06:00 hours Kurdistan Region of Iraq (KRI) time April 23, the Taza 2 well in Kurdistan, Iraq was at a depth of 10,679 feet (3,255 meters) and preparing to drill ahead in an 8.5 inch hole. During the week, the well penetrated the Jeribe Formation, encountering hydrocarbon shows in line with prognosis, and an 59 foot (18 meter) core was cut in the carbonate reservoir. Good recovery of the core was achieved and a comprehensive analysis program is planned.

Taza 2 is located 6.21 miles (10 kilometers) north-west of Taza 1 and is designed to appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Jeribe/Dhiban and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 2 are:

  • Oil Search (Iraq) Limited* - 60 percent
  • Total E&P Kurdistan Region of Iraq (Taza) B.V. - 20 percent
  • Kurdistan Regional Government (KRG) - 20 percent
  • Total - 100 percent

*Oil Search’s funding interest is 75 percent, with the KRG’s 20 percent interest carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.

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