Update on Ber Bahr-1 Exploration Well

RNS Number : 2496E

Genel Energy PLC

29 May 2012

 



Genel Energy plc

29 May 2012

Genel Energy plc

Update on Ber Bahr-1 Exploration Well

The Ber Bahr 1 well has now completed drilling and initial testing. The well was drilled to 3933m in the Chia Zairi formation. The well encountered a 300m oil column in the Jurassic with matrix porosity of 17%. Two drill stem tests over the interval failed to flow and yielded inconclusive results, with evidence of perforations plugged with heavy oil. The well has been temporarily suspended whilst a work over rig is moved to the location to conduct an extended well test.

Tony Hayward, chief executive of Genel Energy, said:

"Whilst the presence of a significant oil column is encouraging, further evaluation with the right flow test equipment is required before we can determine whether this discovery is commercially viable."

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 40% working interest in the Ber Bahr block and is the operator, Gulf Keystone Petroleum Ltd holds a 40% working interest and the Kurdistan Regional Government holds the remaining 20% interest.

 

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