Afren's Kurdish Well Finds More Oil

Independent oil and gas firm Afren announced Thursday that its Simrit-2 exploration well in the Kurdistan region of Iraq has found additional oil.

Afren, which although present in Kurdistan is mainly focused on Africa, reported that the well has now encountered more than 1,500 feet of net oil pay after being drilled to a depth of 12,467 feet. Previously the well had encountered an estimated 1,340 feet of net pay throughout the Cretaceous, Jurassic and Triassic reservoirs down to the initially planned total depth of 12,140 feet.

After completing drilling operations, an extensive well test program began in June. To date, three drill stem tests out of a planned 12 have been completed at separate zones within the Triassic-age Kurra Chine Formation, yielding an aggregate flow rate of 13,584 barrels of oil per day at a gravity of 39 degrees API.

"This reinforces the view that Afren has a material discovery in Kurdistan," commented Will Arnstein, an oil analyst at London-based finnCap, in a research note Thursday.



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