DNO Drilling First Well in Northern Iraq

Iraq - N. Kurdish Territory
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DNO has begun drilling its first well within the Kurdish Region of Northern Iraq.

The well named Tawke # 1 has now been spudded and is planned to be drilled to a total depth of approximately 3,000 meters. The drilling is expected to take 60 days and there are identified three prospective reservoir zones in this highly prospective structure. Tawke # 1 is the first well under the existing Production Sharing Agreements signed with Kurdistan Regional Government (KRG) in June 2004. Earlier this year DNO completed 440 km 2-D seismic within the same PSA areas.

"Commencement of drilling within the Kurdish Region of Northern Iraq marks a new milestone to DNO as an international E & P company. We are proud of the good progress we have achieved in this project with drilling operations taking place less than 1.5 year after the PSA's were signed. This achievement is a product of the excellent cooperation between KRG and DNO", comments Helge Eide, Managing Director.

DNO is the Operator of the PSA's holding a 40 % beneficial interest.


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