Genel Energy PLC Tawke update (5530K)

TIDMGENL

RNS Number : 5530K

Genel Energy PLC

10 July 2017

10 July 2017

Genel Energy plc

Tawke update

Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC, has today issued an update on licence activity.

The Tawke partners have resumed appraisal drilling at the Peshkabir discovery on the Tawke licence in the Kurdistan Region of Iraq following extended testing of the Cretaceous and Jurassic reservoirs in the Peshkabir-2 well.

The Peshkabir-3 well was spud on 8 July as part of a fast track field development plan including the acquisition and installation of an early production facility by year-end 2017 to be followed by a pipeline connection to the Tawke export terminal at Fishkhabur.

Three Cretaceous productive horizons (Upper Shiranish, Lower Shiranish and Qamchuqa) tested 3,800 bopd, 4,000 bopd, and 1,100 bopd, respectively, of 28 API gravity crude oil during a two-week cased hole testing program in May. The Cretaceous column in the Peshkabir-2 well is estimated to range between 380-590 meters.

Two productive horizons in the deeper Jurassic formation tested 2,665 bopd and 400 bopd, respectively, of 25 API gravity crude oil, again over a two week cased hole testing program in April. The Jurassic column in the Peshkabir-2 well is estimated to range between 125-160 meters.

The well's Lower Shiranish Cretaceous zone has been placed on production since late May at an average rate of 4,500 bopd, trucked to Fishkhabur some 12 km away and commingled with Tawke production for pipeline export through Turkey.

Tawke licence production from the two fields has averaged 115,000 bopd month-to-date in July.

-ends-

For further information, please contact:

 
 Genel Energy 
  Phil Corbett, Head of Investor 
  Relations 
  Andrew Benbow, Head of Public 
  Relations                         [phone] 
 
 Vigo Communications 
  Patrick d'Ancona                  [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 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 positioned to be a cornerstone provider of KRI 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

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July 10, 2017 03:00 ET (07:00 GMT)