Hungarian oil and gas group MOL(MOLB.BU) announced on Tuesday that it had discovered oil in the Akri-Bijeel Block in the Kurdistan Region of Iraq where they conduct tests jointly with Gulf Keystone Petroleum, reports Reuters..
MOL,which owns an 80 percent share, said its exploration well tested 3,200 bbl/day oil and also associated gas. It said the test results were "promising".
"The total tested interval is 3,646-3,831 metres. To date the well only penetrated the first 37 metres of the reservoir (3,794-3,831m). The estimated total potential thickness is 200-250 metres," according to the report.
"The results are under evaluation. After testing, the drilling is taking place to the planned total depth 4,330 metres," MOL said, adding that it planned a further exploration well at the block by the end of 2010. (Reporting by Krisztina Than; Editing by Greg Mahlich)
( Reuters )