Genel Energy PLC Cretaceous discovery at Peshkabir-2 (6028T)
09 January 2017 - 6:00PM
UK Regulatory
TIDMGENL
RNS Number : 6028T
Genel Energy PLC
09 January 2017
9 January 2017
Genel Energy plc
Cretaceous discovery at Peshkabir-2
Genel Energy plc ('Genel' or 'the Company') notes the
announcement made this morning by DNO ASA, as operator of the Tawke
licence (Genel 25% working interest).
The Peshkabir-2 well currently drilling on the Tawke PSC has
discovered oil in the Cretaceous horizon in the southern flank of
the Peshkabir field.
The well flowed at a stable rate of 3,800 barrels of 28deg API
oil per day on a 52/64 choke from an open hole test of a 170-metre
interval. Pressure data supported by observations of oil shows from
cuttings and side wall cores indicate a Cretaceous oil interval in
excess of 300 metres.
Peshkabir-2 was spudded last October to explore the Cretaceous
horizon and appraise the previously tested deeper Jurassic
reservoir on a 2012 discovery 18 kilometres to the west of the
Tawke field.
The well, currently drilling ahead of schedule and under budget,
is expected to reach total depth of 3,500 metres and will be
completed in the Jurassic by early February. Pre-spud estimates for
drilling, open hole testing of the Cretaceous and completion stood
at $17.5 million.
The Tawke partners are considering a number of options to step
up the appraisal of the new Cretaceous discovery, including a
geological side-track in the central part of the Peshkabir
structure or a third well. Options are also under consideration for
possible early Peshkabir production and trucking to the Tawke
field's gathering, processing facility and export facilities at
Fishkabur some 12 kilometres away.
The Tawke partners will provide an update on the resource
potential of both the Cretaceous and Jurassic horizons following
post well evaluation of all data acquired during Peshakabir-2
operations.
-ends-
For further information, please contact:
Genel Energy
Phil Corbett, Head of Investor
Relations
Andrew Benbow, Head of Public
Relations +44 20 7659 5100
Vigo Communications
Patrick d'Ancona +44 20 7016 9573
This announcement contains inside information.
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
offices in Ankara and Erbil, is one of the largest London-listed
independent oil producers, and is the largest holder of reserves
and resources in the Kurdistan Region of Iraq. Through its Miran
and Bina Bawi gas fields, the Company is set to be a cornerstone
provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
Genel also continues to pursue further growth opportunities within
the Middle East and Africa. For further information, please refer
to www.genelenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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