14th Oct 2013 09:23
LONDON (Alliance News) - Genel Energy PLC Monday said DNO International ASA, operator of the Tawke Field in the Kurdistan Region of Iraq, had announced the start of sales from a second horizontal well at the site after testing at a new rate of 32,500 barrels of oil per day.
Genel Energy holds a 25% stake in the Tawke licence, with DNO International holding 55% and operating the license. The Kurdistan Regional Government holds the remaining 20% interest.
Drilling operations are already underway at two additional horizontal wells, Tawke-21 and Tawke-22, and both are expected to complete by the end of the year.
"The outstanding result of the Tawke-23 horizontal well is further evidence of the world-class properties of the Tawke field. We look forward to the results of further horizontal drilling ahead of the significant planned increase in the field's production capacity," Genel Chief Executive Tony Hayward said.
Genel shares were up 1.7% at 990.5 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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