DNO Updates on Operations

DNO issued an update this morning on it operations:

DNO's WI production from the Tawke Field in October 2011 was 26,649 bopd. DNO’s WI production 2011 YTD from Kurdistan was 35,517 bopd. The production figures from Tawke are reported as follows:

The gross production from the Tawke field during October was 42,806 bopd, and this production level is expected also for November.

Drilling and well operations in Kurdistan Region

Erbil PSC: Bastora-1A horizontal test producer

Test production from Bastora-1A is continuing at total gross rates of around 600 – 700 bpd from natural flow, of which around 60% is oil and 40% is water. The oil produced is delivered to the local market. A further evaluation of the production development indicates that the water produced from the well is formation water. The next step is to install a down-hole pump to increase the production rate from the well.

The data and observations from the test production from Bastora-1A serves as important input to the design and locations of future development wells, and the development plan for the Benenan and Bastora oil discoveries is on track for delivery before year end.

Dohuk PSC: Summail-1 exploration well

The Testing of Summail-1 is now completed. The test results confirm the presence of heavy crude oil in the Jurassic interval and natural gas in Cretaceous. The Triassic interval tested water.

Sustainable rates were not achieved during the tests of the oil bearing Jurassic intervals, and DNO will evaluate alternative methods for re-testing these zones at a later stage.

The lowermost part of Cretaceous tested water. A Cretaceous middle interval tested natural gas at a test rate of 8MM scf/day. This test interval is approximately 200 m below the initial test carried out whilst drilling the top of Cretaceous; which tested 3.6MM scf/day.

DNO will now evaluate the significance of the oil and gas discoveries in Summail-1, and a 3D seismic acquisition across the entire Summail structure is being considered as part of the 2012 work program.

The well will be now suspended for possible re-entry and further testing at a later stage.

Tawke PSC: Peshkabir-1 exploration well

Drilling of the Pehkabir-1 exploration well is progressing according to plan. The objectives of this well are to test the hydrocarbon potential in the Cretaceous, Jurassic and Triassic intervals. The well has not yet reached the first target.

Drilling of Tawke-16 is expected to commence within the next few weeks using the rig that was used to drill and test Summail-1. The main objective for this well is to test additional resource potential within the northern flank of the Tawke field.

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