DNO International Provides Operational Update on Activities in the Kurdistan Region of Iraq and Oman
(Thomson Reuters ONE) -
Oslo, 12 April 2012 -- DNO International ASA, the Norwegian oil and gas company,
announced today that it has completed drilling of the Peshkabir-1 exploration
well in the Kurdistan Region of Iraq and is preparing to test observed oil shows
across three potentially producing intervals. Full and sidewall cores suggest a
continuous hydrodynamic column within the Cretaceous interval and the additional
shows in the Jurassic and Triassic intervals are the first encountered by the
Company at lower depths in the Tawke license.
The Peshkabir-1 well was designed to probe a large undrilled feature west of the
currently producing Tawke field. It reached total depth of 4,092 metres, the
deepest well yet for the Company in Iraq. The well was spudded in September
2011. Wireline logging and coring operations are underway and will be followed
by a minimum of five planned flow tests, two in the Triassic, one in the
Jurassic and two in the Cretaceous.
In providing further updates on drilling and other operations across its
portfolio, the Company announced that the Tawke-15 well, drilled and completed
in the Cretaceous in 2011 but previously shut in due to low productivity, has
now tested 7,000 barrels of oil per day following a just-completed workover
operation. The well has been connected to the existing pipeline and processing
facilities, further boosting Tawke field deliverability.
A third well, the Tawke-14 well is drilling ahead of schedule at over 1,800
meters. The well is located within the northern flank of the field and is
another of the planned 2012 wells designed to confirm and delineate the
potential of the Cretaceous in an untested up-structure location. The well is
expected to reach a total depth of 2,665 meters in the second quarter of 2012.
"We continue on track to establish 100,000 barrels per day of deliverability
from the Tawke license before year end," said Bijan Mossavar-Rahmani, DNO
International's Executive Chairman. "And we remain confident that in time we
will be in a position to place more and more of this oil in both regional and
international markets."
DNO International is operator of the Tawke field with a 55 percent working
interest, with Genel Energy holding a 25 percent working interest and the
Kurdistan Regional Government a 20 percent working interest.
Elsewhere, in Oman Block 8 the West Bukha-5 development well has been drilled to
a depth of 4,213 meters, approximately 200 meters above the top of the target
Thamama reservoir. The Company's forward plan is to drill into the top of the
target reservoir, install a 7-inch liner and drill a 600-meter horizontal
section in the Thamama.
The Company's combined working interest production has increased following the
merger with RAK Petroleum PCL's Middle East and North Africa assets in January
2012 and is expected to reach 40,800 barrels of oil equivalent per day (boepd)
in the first quarter of 2012, up from 34,600 boepd in the fourth quarter of
2011.
As previously reported, the portion of Tawke production that was delivered to
the Iraqi national pipeline system for export through Turkey was halted on 2
April 2012. All other Tawke oil and refined product sales and field operations
remain unaffected. The Company has no new information as to when and under what
conditions exports might resume.
Offshore Oman, production from the Company's two operated fields is temporarily
shut in as a result of blockage in the pipeline between the Bukha and West Bukha
production platforms that occurred during routine pigging operations. Efforts
are underway to resolve this situation but total downtime may be as much as four
weeks.
The halt in export from the Tawke field in Kurdistan and the temporary closure
of the Bukha and West Bukha platforms will result in lower production volumes in
the second quarter of the year although overall cash from operations is
currently not expected to be materially impacted.
---
DNO International ASA is an Oslo-listed, Middle East and North Africa focussed
oil and gas company holding stakes in 17 licenses in various stages of
exploration, development and production both onshore and offshore in the
Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the
United Arab Emirates and the Tunisian Republic. http://www.dno.no
---
Oslo, 12 April 2012
DNO International ASA
Corporate Communications
Queries: Tom Bratlie (Tom.Bratlie(at)dno.no or tel: +47 905 21 904)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1601710]
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 134204
Anzahl Zeichen: 5633
contact information:
Town:
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Kategorie:
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