Genel Makes 'Significant' Oil Discovery in Kurdistan

Anglo-Turkish independent Genel Energy reported Wednesday that it has made a significant oil discovery in the Kurdistan region of Iraq.

Genel said that the Chia Surkh 10 well – the first of five wells that it plans to drill this year in Kurdistan – was drilled to a depth of 5,565 feet into the Oligo-Miocene section. Tests over several days flowed oil at 11,950 barrels per day and gas at 15 million cubic feet per day, the firm said. The oil's gravity was 41 degrees API, while the well-head flow pressue was 2,000 pounds per square inch.

Chia Surkh 10 was drilled on a large thrust-fault, controlled structure with up to 36 square miles of closure. A second drill-stem test is being planned for the Miocene section, after which the well will be suspended as a future producer.

Genel has already begun drilling another well, Chia Surkh 11, to appraise the discocery.

Genel Chief Executive Tony Hayward commented in a statement:

"We intend to carry out a rapid appraisal and development programme and expect to have an early production scheme operating in the first half of 2014. Over the same period we will be evaluating and drilling a number of other prospects we have in the Chia Surkh licence.
"We are delighted at this level of success in what is the first of the five high-impact exploration wells we plan in the Kurdistan Region of Iraq during 2013. To have made a discovery of such potential materiality at this early stage is highly encouraging."

Chia Surkh 10 is the first exploration well to be drilled on the Chia Surkh acreage since 1954, according to Genel. The license is operated by Genel, which holds a 60-percent stake. The remaining 40 percetn is held between Petoil and the Kurdistan Regional Government.


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