Drilling operations Miran East-1 exploration well

RNS Number : 9278Y

Genel Energy PLC

08 March 2012

 



Genel Energy plc

8 March 2012

Genel Energy plc

Commencement of drilling operations on Miran East-1 exploration well

Genel Energy plc ("Genel Energy") notes that Heritage Oil Plc, as operator of the Miran Block in the Kurdistan Region of Iraq, has today issued the following press release:

"Drilling of the Miran East-1 exploration well has commenced with an estimated target depth of c.4,000 metres. This is the first well to be drilled on the highly prospective eastern structure, which has an area of approximately 130 square kilometres. The well is targeting exploration potential within the Cretaceous and Jurassic reservoir intervals of the eastern structure, contiguous with the hydrocarbon bearing Miran West structure. The well design utilises recently acquired 3D seismic data and the enhanced understanding of the structural configuration within the Miran Field that this has provided.

Drilling of Miran East-1 is expected to take approximately seven months with multiple intervals to be evaluated and tested as the well is drilled."

Tony Hayward, chief executive of Genel Energy said:

"The Miran East-1 exploration well is being drilled on a separate structure from the existing Miran discovery and has the potential to add significantly to our resources. The spudding represents the latest well in the extensive exploration programme that we are undertaking over the next 12 months in the Kurdistan Region of Iraq, aimed at adding some 700 million barrels to our resource base."

For further information, please contact:

Genel Energy Julian Metherell, Chief Financial Officer Natalie Fortescue, Investor Relations

[phone]

RLM Finsbury Ed Simpkins Jenny Davey

[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. For further information, please refer to www.genelenergy.com

Genel Energy holds a 25% interest in the Miran Block and Heritage Oil Plc holds the remaining 75%, although there are third party back-in rights. The Miran Block has an area of 1,015 square kilometres and is located west of the city of Suleimaniah. The Miran Block contains two large structures, Miran West and Miran East.

 

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