DNO Launching Aggressive Drilling Campaign at Tawke Field

Norwegian oil and gas operator DNO ASA announced Thursday that it is launching of an “aggressive” drilling campaign at the company's flagship Tawke field in the Kurdistan region of Iraq.

Following an extensive workover campaign at Tawke, five new production wells will be drilled in the second half of the year to boost capacity. The Tawke-31 well, targeting the main Cretaceous reservoir, will be the first production well to be drilled at the field since late 2014 and will reach target depth of 7,217 feet in September.

The company's operated production in the second quarter climbed 27 percent to 122,900 barrels of oil equivalent per day. Tawke production stood at 117,000 barrels of oil per day, nearly all of which was exported at an average price of $34 per barrel.

Company-wide revenues reached $61 million, marking the fifth consecutive quarter in which revenues totaled $50 million or higher. DNO's operating profit in the second quarter was $16 million, up from $8 million the previous quarter.

"Resumption of regular and predictable export payments underpin new investments at Tawke and other fields," said DNO's Executive Chairman Bijan Mossavar-Rahmani.

"There is more value we can unlock in Kurdistan," he added.

The company last month launched a cash and shares offer to acquire Kurdistan-focused Gulf Keystone Petroleum, conditional upon completion of the latter's financial restructuring.

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