Update re. Tawke

RNS Number : 3997Q

Genel Energy PLC

14 October 2013

 



Genel Energy plc

14 October 2013

Genel Energy plc

Tawke-23 horizontal well brought onstream at 32,500bopd

Genel Energy plc ("Genel") notes that DNO International ASA, as operator of the Tawke Field in the Kurdistan Region of Iraq, has today issued the following statement on the field:

"DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it has initiated sales from its second horizontal well in the Tawke field in the Kurdistan region of Iraq following testing at a new record rate of 32,500 barrels of oil per day.

Each of ten independent fracture corridors penetrated by a 930-meter horizontal section in the Cretaceous reservoir interval flowed in excess of 9,000 barrels per day. Tawke-23 was spudded in May 2013 and the cost to drill, complete and test the well was $12 million.  The first horizontal well completed in the field last July, Tawke-20, is located six kilometers away and set the previous record production rate for a Tawke well at 25,000 barrels per day.  Both wells are subject to wellbore and surface facilities limitations.

Drilling operations are already underway at two additional horizontal wells, Tawke-21 and Tawke-22. Both are slated for completion by year-end 2013."

Genel Energy holds a 25% stake in the Tawke licence. DNO International holds a 55% interest in and operates the Tawke license. The Kurdistan Regional Government holds the remaining 20% interest.

Commenting today, Tony Hayward, CEO of Genel said:

"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."   

For further information, please contact:

Genel Energy plc Julian Metherell, CFO Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations	[phone]
Vigo Communications Patrick d'Ancona	[phone]

 

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