DNO Makes Oil Find in Kurdistan Region of Iraq

Norwegian oil and gas company DNO ASA announced Monday that the Peshkabir-2 well, located in the Kurdistan region of Iraq, has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field.

The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 557-foot interval. Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 984 feet, according to a DNO statement.

Peshkabir-2 was spudded in October 2016 to explore the Cretaceous horizon and appraise the previously tested deeper Jurassic reservoir on a 2012 discovery 11 miles to the west of the company's flagship Tawke field. Following the acquisition of new 3D seismic, Peshkabir-2 was originally planned for 2015 but delayed following the drop in world oil prices and interruption in payments for the company's production and exports from Kurdistan.

The well, currently drilling ahead of schedule and under budget, is expected to be completed in early February. Pre-spud estimates for drilling, open hole testing of the Cretaceous and completion stood at $17.5 million.

"We are very encouraged by what we have seen so far in this well," Bijan Mossavar-Rahmani, executive chairman of DNO, said.

"Certainly our subsurface and drilling teams have started the year on the right foot," he added.

DNO operates and holds a 55 percent working interest in the Tawke license which holds the Peshkabir field. Genel Energy plc and the Kurdistan Regional Government hold a 25 percent and 20 percent interest, respectively.



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