DNO Updates on Tawke Testing

DNO International announced today that it has commenced extensive testing of the Tawke-23 exploration well in the Kurdistan region of Iraq.

The well is the second horizontal well drilled by the Company in the Tawke field and has encountered continuous oil shows within a 930 metre horizontal section in the main Cretaceous reservoir. The test program, expected to last up to three weeks, will focus on ten fracture zones with production potential.

The Company’s first horizontal well in the field, Tawke-20, tested 8,000 barrels per day from each of ten producing intervals in the Cretaceous reservoir and is currently on stream at an average rate of 25,000 barrels per day.

Also currently drilling in Kurdistan are two other Tawke horizontal development wells, Tawke-21 and Tawke-22, and the highly deviated Benenan-4 well in the Erbil license designed to appraise the additional reserves encountered in the Benenan field by the Benenan-3 well earlier this year. Benenan-3 has been completed and temporary production facilities installed, pending government approval to commence sales.

The Bastora-2 well in the Erbil license has been completed and temporary production facilities are undergoing installation. The Bastora field development plan was previously approved and the Ministry of Natural Resources now has authorized sales from the field with first deliveries anticipated in October.

Based on current trends, DNO International expects third quarter production from its fields in Kurdistan, Oman and Yemen will reach record gross levels of around 85,000 barrels of oil equivalent per day (boepd), corresponding to an estimated Company Working Interest (CWI) production of 50,000 boepd. Gross production for full year 2012 was 67,238 boepd, corresponding to 38,354 boepd on a CWI basis.

(Source: DNO)

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